Possible upside of Penn in the coming weeks $PENNNASDAQ:PENN
Possible upside of Penn in the coming weeks $PENN
PENN trade ideas
PENN (POTENTIAL BUY LEVEL) ***BEARISH SENTIMENTThis is just my basic MONTHLY charting.
I have marked what I see as the POSSIBLE bottom (support).
I see overall DOWNTREND.
I have marked my potential BUY LEVELS for LONGS//CALLS.
$PENN D$PENN D, PENN on the daily sitting on a critical pivot level. Saw a strong move today into it, potential bounce tomorrow or we break below again.
$PENN$PENN
(Weekly & Daily)
Short Term Outlook - Bullish
PTs 37, 40, 44
Long Term Outlook (6-12 months) -Bullish
Price Target --> $55-62
PennNibbling here for a trade on penn we are in a large channel area where resiatnce e is 35.30. This could not workout but I’m anticipating a breakout of 35.30. I’m setting buys here between 33.70-33.80. Stoploss will be set 33.10 so 60-70 cent risk. Seems worth it to attempt this play will target 38$.
Long Penn National GamingThe end of the negative trend?
The wedge shape seems to be broken, the movement of the indicators confirms the change. The exchange rate is looking for a direction.
The next 5 waves emerging?
PENN - LongPenn National Gaming, Inc. is an operator of casinos and racetracks based in Wyomissing, Pennsylvania. It operates 44 facilities in the United States and Canada, many of them under the Hollywood Casino brand. The company also owns a 36% stake in Barstool Sports. In 2013, Penn completed the corporate spin-off of Gaming and Leisure Properties, a real estate investment trust.
Summer is approaching, and kids will be out of school (to play games). It's expected that this PENN will go up.
Penn is exhausting. Watch out.It appears that this current bounce could just be an exhaustion push back up near the ATH's to suck in uneducated retail traders into long positions.
There is heavy resistance above, and bullish price action support has been broke.
I wouldnt be surprised to watch Dave Portnoy attempting to shill this up to his following to desperately trying to save the stock from this potential downtrend.
Lets dive in..
PENN 2/21/2022PENN
PENN is currently in a downtrend since breaking down from 81 level.
Price has now pulled back to 50 ema in form of a bear flag.
On the pullback, price also rejecting resistance level at 51.65.
On the last day of trading, price broke out and down from bear flag and the candle stick being an inverted hammer. This is my cue to enter trade.
Entering trade short
Entry: 47.27
Stop loss: 51.84
Target: 38.37 – 18.81% RR ratio 1.94
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PENNLONG-TERM: Major bullish shark with a double bottom at the PCZ , which lines up with pre-covid highs flipping into support, hidden bullish divergence on the daily, classic bullish divergence on the weekly, close to a falling wedge breakout. (not financial advice)
PENN Going to $30 to Fill the GapOverall market is bearish, and PENN has been in a downtrend for a bit. I am expecting it to fill the gap at $30.
The strong volume area also at that level should act as a magnet for price. The fact that price isn't free falling is actually pretty surprising considering how little volume has traded in this recent range.
$PENN 1hrPENN currently in a small range at resistance, previous support. I also see a mini double top to target the gap below.
$PENN major support areasupport looks great, price has reacted pretty well. possible falling wedge breakout also
Penn Forming invers head and shoulders. Neckline 51.74 if we can pop that and hold above as new support we are looking at a large reversal setup. If we lose 49,70s and start flipping that to resiatnce id be looking down closer to 46s with a low of 37s. If this inverse head and shoulder pays out first tarhet would be 62. Howver clear resiatnce at 59ish. So first take profit would be 59s for me.
Short PENNTrendline brake and rejecting the high volume area. Entering on brake previous day low. First target 43 area
Stop 48.66
Enter below 46.9
1.target 43.66
$PENN Took a long entry at 51.17, stop below the recent low, expecting this trade to pan out as covid fades away.
P/S 1.62 as of today.
Bullish div PENN weekly and false break on dailyWeekly
Bullish div on MACD-H and EFI. We do see 4 EFI diverging locally in the latest decline.sRSI is about to to a strong degree it seems, and might tick up.
Daily:
FB and 1st HL, impulse green. Might possibly start a new uptrend and fullfilling the weely setup
"Entry: around 44
TP1: 57,14
TP2: 62,9
R/R Ratio
Earnings watch 2/3 pre-marketEarnings watch 2/3 pre-market:
PENN
NOK
MRK
COP
SHEL
LLY
HON
EL
CI
VSTO
Do your own due diligence, your risk is 100% your responsibility. This is for educational and entertainment purposes only. You win some or you learn some. Consider being charitable with some of your profit to help humankind. Good luck and happy trading friends...
*3x lucky 7s of trading*
7pt Trading compass:
Price action, entry/exit
Volume average/direction
Trend, patterns, momentum
Newsworthy current events
Revenue
Earnings
Balance sheet
7 Common mistakes:
+5% portfolio trades, capital risk management
Beware of analyst's motives
Emotions & Opinions
FOMO : bad timing, the market is ruthless, be shrewd
Lack of planning & discipline
Forgetting restraint
Obdurate repetitive errors, no adaptation
7 Important tools:
Trading View app!, Brokerage UI
Accurate indicators & settings
Wide screen monitor/s
Trading log (pencil & graph paper)
Big, organized desk
Reading books, playing chess
Sorted watch-list
Checkout my indicators:
Fibonacci VIP - volume
Fibonacci MA7 - price
pi RSI - trend momentum
TTC - trend channel
AlertiT - notification
tickerTracker - MFI Oscillator
www.tradingview.com
Penn National Gaming Broke the floor. PENNAnd that means Wave C is confirmed on some level. Wave C or Y of a more complex WXY type pattern. It is unclear which it is at this stage, as it is only early day of the last leg, but it does not matter as both scenarios are bearish.
We are not in the business of getting every prediction right, no one ever does and that is not the aim of the game. The Fibonacci targets are highlighted in purple with invalidation in red. Fibonacci goals, it is prudent to suggest, are nothing more than mere fractally evident and therefore statistically likely levels that the market will go to. Having said that, the market will always do what it wants and always has a mind of its own. Therefore, none of this is financial advice, so do your own research and rely only on your own analysis. Trading is a true one man sport. Good luck out there and stay safe!
Perhaps a bit to Fall yetHead and shoulders.
I am not thinking tis will go to 11 but plan to watch/when it starts to move up I will re-evaluate.
No recommendation/
