PENN trade ideas
ABC BullishPenn has broken long entry level. Possible stop under C or under last pocket pivot (green triangle). Target is D
Targets calculated using the AB leg and projected from C. The target is D. AB does not always equal CD. D can be less AB length or an extension of the AB leg. If Targets 1 are the .382, .618 and .786 of the AB leg.
No recommendation.
Short interest is 9.46%
Trends can come unexpectedly, unpredictably, and they can get old just like we do.
Penn National Gaming losing ground. PENNGeneral downtrend continues in this stock, and we believe we are about to enter another possible C Wave.
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 going down 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!
PENN: Head & ShouldersH & S noticed, we might see $65 (the upward trendline) on PENN in couple weeks if the whole market keeps its current selling momentum. Longing at $65 could be a good idea assuming PENN can keep its upward trendline. I personally believe the college football season or any related sport seasons are already priced in couple weeks ago.
PENN Bullish Shark, Backtesting Critical Support & IHS necklineBullish Shark Harmonic pattern on PENN. Currently appears to be backtesting a critical support line near $73.36, also finding support at the 50D SMA. Line also happens to be the neckline of an Inverse Head and Shoulders pattern which had previously broken out. Potential Triple Hidden Bullish Divergence in development on the MACD.
Boxes strategy analysis. $PENN stock price action.Here is my recent analysis of NASDAQ:PENN stock price movement.
As always I used my boxes strategy.
Here is a recap of recent price action:
Price dropped below 86 level in May 2021, which had acted as a support before. Then price tried to reclaim that level multiple times, but with no success.
We can mark this level as a strong supply point.
Significant demand level was reached in August where price bounced from 61 level with huge volume. Long-term trend line can be marked at that level, as it acted as a strong support.
Hence, the box is formed between 61 and 86 levels.
Another point of interes is 74.4 acting as a magnet, with plenty of action around it.
What happens next?
We need to see decent volume at breakout of 86 for the stock to move higher.
Target is 95 which had acted as a demand level of the previous box.
Trade wisely and good luck!
-----------------------------------------------------------------------------------------------------------------
Disclaimer!!!
This is not financial advise.
$PENN HTF ACB/Daily IBO LongWeekly Swing Watchlist
Anyone else missing the US Equity market today???
#1 Secondary Watch
$PENN HTF ACB/Daily IBO Long
Monthly - Bullish engulfing/0.5 fib retrace
Weekly - Support/Bullish engulfing/50 ema
Daily - Descending triangle break out/Emas/MACD/Decel
Will become G2G pending further pullback on the daily for an entry. Will eval LTF when closer to entry.
RR - 5.6 (Standard ACB target)
Management - Long term
Additionally on Watch:
10 stocks on this weeks development needed list
21 stocks on monthly watchlist (mostly in Tech & Health Care sectors)
Live Trades:
$TLRY - Full Risk
$MSTR - Zero Risk
$OEG - Full Risk
$AMC - Zero Risk
$PENN HTF IBO Long#1 Secondary Watch
$PENN HTF ACB Long
Monthly - Bullish engulfing/0.5 fib retrace
Weekly - Support/Bullish engulfing/50 ema
Daily - Descending triangle break out/emas/MACD
Just waiting further pullback on the daily for an entry. Will eval LTF when closer to entry.
RR - 5.6
Additionally on Watch:
Secondary - $XBI HTF IBO Long
Secondary - $TRIP HTF ACB Long
27 stocks on development needed list
Live Trades:
$TLRY
$MSTR
$OEG
$AMC
PENN is getting ready for that big breakoutthis trendline clearly has lots of strength here, DKNG is in a similar pattern. I believe this is the consolidation before the big breakout. but consolidation can last 2 months, or in some cases up to 1 year+. for confirmation that more upside is coming in the short term look for a move above 78-80. after this has a clear break we can fly to 100 and higher. goodluck !