PENN Finally Broke SupportPENN finally broke support at 64.16 after a series of lower peaks. I got puts yesterday after we closed under support but at a high RSI value on the 5 minute chart. First target is 59.28 then 50.81.
PENN trade ideas
Oct. 23 - Pain or Gain for PENN?Tomorrow is an interesting day for PENN. It broke through the 1-hour resistance (in the final hour), but held the Daily resistance line (Blue line). The stock bounced off the 50 MA and quickly moved to retrace 40%.
1. October 23 may see the stock open at the 50MA ($62.50) and run to $59 and recover or
1a. or will work its way down to $56.
or
2. Open above and run up to $65.25 (S1/R2) and find resistance at the original support line.
2a. If PENN runs to $65 and can't break through resistance then I think it's coiling up for a hard move to the S2 on Monday and Tuesday next week. The blue line becomes the (down) trendline.
PENN: A rough couple of days aheadPENN has tested S1 a few times now and I think it'll finally break below. Also, the VIX looks like it could jump to 34 by the end of the week as it broke above resistance today. Trendline, Resistance, and S2 through Friday.
Penn National Trending Higher Into EarningsLast month we covered the breakout in Draftkings . Now its sports-betting rival, Penn National Gaming, may have some potentially bullish patterns.
First is its relationship with the 8- and 21-day exponential moving averages (EMAs). Notice in early August and early September how it squeezed into the 21-day EMA. In both cases it paused there for a few candles, but then jumped after getting back above its 8-day EMA. That pattern just repeated late last week.
Second, notice the false breakdowns on August 31 and September 24. Both times it snapped back the next day and never revisited those lows. These are similar to “kicker” patterns, when the bears score elusive short-term victories before getting crushed by the bulls.
Third, notice how PENN made a higher low last week above its September 24-25 lows.
Next, Bollinger Band Width has squeezed back to its tightest level since September 10. That could create the potential for some expansion if the shares continue higher.
Finally, there is the catalyst of earnings on October 29. Recent reports indicated PENN’s Barstool app has taken leadership from Draftkings . The casino operator has also done a solid job of adapting its traditional properties to the coronavirus pandemic, as we saw in the August 6 earnings report. Additionally, it has short-squeeze potential.
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Penn TriangleEarnings on 10/29 and the last earnings report was positive. We could possibly see a breakout towards an earnings run up.
Portnoy's or Poorboy's Today's "rally" broke two resistance barriers, but after several failed attempts to stay above $72 it retreated back into a bearish channel.
I'm predicting an open on Monday, Oct. 19th between $68.22 - $68.94 and an end of week close between $57.90 and $61.30 before Oct. 23rd.
Stimulus Target - $85
Running Triangle Target $66.25
Barrier Triangle Targets between $57.90 - $61.30
PENN 15-Minute Triangle Interesting triangle forming on 15-minute chart. If it breaks it, could see a nice run into the weekend.
$PENN on Watch List for Breakout$PENN looks to have a nice wedging pattern here. I have an alert set for $70.01. I'm looking for a good market and increased volume on any breakout to go long. Ideas, not investing / trading advice.
10/12 PENN BounceI didn't see any ideas for PENN this week so here is what I have.
PENN along with DKNG have been on a downtrend and are looking to bounce or head down even lower.
I have PENN bouncing at the $62-$62.50 area. If it does not then we can head down to the $50 range.
Also a buy signal was issued which when confirmed on Monday-Tuesday will be the bullish reversal some of you have been looking for.
Comments and Criticisms always welcome
$PENN bullish pattern into ER ER 10/29
The last reported ($1.69) earnings per share (EPS) for the quarter, beat the consensus estimate of ($2.06) by $0.37.
Analysts have this ER at
Low :($0.45) High: $0.50 Average :$0.03
This should pick up momentum soon and be a good play into ER.
$PENN Gaming Needs A Davey Day Trade Pump
Penn staged a very nice reversal play today before hitting resistance @ $68.25
Possible long opportunity tomorrow with targets
$70.00 local Point of Control.
$72.00 Hourly resistance level
Indicators all bullish
Penn time to short Penn and casino stocks have been incredible
Candle confirmation close below second support now resistance yesterday. Bought puts before the close and looks like going to retrace down to reality.
bearish div confirmedI think the bearish div was confirmed, and it's a massive bearish engulfing candle. My price target is $6 by the end of 2020.
Penn National gaming Get rid of itThis chart totally looks like a classic pump and dump in the making. Target the .618 minimum
$PENN hourly bounce off 64.50 support - TP $74 - Let's GO!RSI is a a bit oversold & looks like it got bounced off the support ~ being a hopeful here since I'm holing 70 calls haha ~ alternatively if even a candle closes below 64.50 we prob heading down much lower
