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PENN Entertainment, Inc.PENN Entertainment, Inc.PENN Entertainment, Inc.

PENN Entertainment, Inc.

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PENN trade ideas

BULL SharkEarnings beat and looks to have been received well. Price however remains under the 50 day simple moving average. It will be a definite improvement if price can get above that critical moving average. The 100 crossed down through the 200 recently which is a bearish crossover. Moving averages change just like any other indicator. The RSI may be pointing up today and down tomorrow! I try not to get too hung up on how bad the averages look if I feel I have a reason to buy the security. The market conveys that reason if you keep your eyes and ears open *not so much your ears(o: Sometimes it is best not to listen to negativity or positivity from analysts. Analysts are a lagging indicator. If they are dogging a stock or security, it can pay to take a closer look. The chart is "right now" and is an Xray of supply and demand. Death cross marked with orange x and is defined by many as the 50 crossing down through the 200. I miscalculated this as an ABC bullish pattern earlier on a post. My bad )o: The swing points in the bullish shark pattern are marked with 0, X, A, B, C. It is similar to a Cypher pattern as in both patterns peak 2 is higher than peak 1. The Cypher is labeled XABCD. The Cypher in theory lands (PRZ, potential reversal zone) at the .786 of XC/NOT XA like many other harmonic patterns. The shark lands between the .886 and the 1.13 fib levels of OX. . It is not unusual for price to be volatile at the point of reversal, or the landing pad. It is not unusual to have price go a little below this zone as well. If it goes below the zone by too much, the pattern is invalidated. Too be honest, I think harmonic patterns can be very subjective as the fib levels will fall where you decide to put X, or O in the case of the shark. I, personally, can not tell most of the time if it is a shark or a cypher until it lands and a bottom is formed there. Even then things change. There are no super strict rules for the 2nd leg, or retracement of the initial leg (OX, XA) for either of these patterns. For example, the Gartley will pull to the .618 on the AB leg or close or is is not a bullish Gartley, not for me anyway. With many harmonic patterns you can begin deciphering it at the 1st retracement. There are also bearish versions of harmonic patterns and is like you have to flip the pattern upside down. The shark is considered a reversal pattern and causes price exhaustion. I guess PENN just got tired of going down! LOL I know I got tired of it because like an idiot, I bought this too high. Until price gets over the 50, this could be touch and go but definitely a good start No recommendation. There was also a bullish divergence on RSI. Many use the valleys of the oscillator (in this case I used RSI) to find bullish divergence and the peaks to find bearish divergence. From the ashes we can live another day (o:
NASDAQ:PENN
by lauralea
Pull Back Fishing Falling WedgeOkay. I was wrong on this one and PENN did not "pop" like I thought it would. Instead it made another bottom. Happens sometimes. In the positive column, it is still close to the support of C. I am at this point saying, are you gonna stay or are you gonna go? I do not like keeping money tied up so long just waiting on a move. Possibly it is just not this sector's time to move, but DKNG is moving slowly but surely. I like CHDN and it is struggling as well. Negative volume has remained extremely high through out this pull back dweller's time at the bottom. Possible ARC before the landing pad so it is expected to be volatile, but PENN has been downright slow. The rising wedges did not help in the long run either. Too many buyers are represented in rising wedges, and buyers become sellers eventually. Gonna hang though. I like this stock and I sold it close to the top, but did not wait for long entry level when it hit it's possible bottom, so that is my bad. Not waiting for long entry level can burn you. Other times it is gr8 cos you make more on the way up. Just doesn't happen every time. Life is a gamble. The moving averages look awful and if it were not for the high negative volume being so high, I would have bailed a while back. There is also a falling wedge which can be bullish during a pull back or a bottom. A Falling Wedge is opposite of a Rising wedge (bearish). They both narrow at the apex, but a falling wedge slopes against the prevailing trend and a rising wedge goes up, with the prevailing trend. A falling wedge consists of 2 trendlines and both point down but they narrow suggesting selling pressure is easing off. The 200 slopes up but the 50 has crossed down and through the 200, often referred to as a death cross. But you know when you are bottom or pull back fishing, these are the things one may encounter. )o: The 50 will be below the 100 or the 200, until it is not. Crossing my fingers on this one. Short interest is 8.7%, depending on where you look, which is higher than I like. No recommendation. From the ashes, we can live another day (o:
NASDAQ:PENN
by lauralea
PENN Retesting $85 Soon?Penn National Gaming has quietly been gaining momentum during July after a massive fall in price since earlier this year. If we do a fib retracement from the swing high at $85 to its swing low at our bottom which is $63, we get a potential trade setup currently at the $71.84 price level. This $71 area is where the .382 fib level is, historically a great buy area mathematically speaking. Depending on the open in the morning I plan on going long with a stop just below $71.84. The key is that the $71.84 price holds. If a 4 hour candle closes below that, a retest of $68 will be in the cards which is my next and final buy area where a large position may be entered.
NASDAQ:PENNLong
by TradeVibez
BUY PENN around the $70-75 range for a move up to $105!Penn National Gaming, Inc. is an American 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 controls a 36% stake in Barstool Sports. With the US consumers sitting on over $5.4 trillion of additional savings as a result of the COVID-19 pandemic we believe that Penn National Gaming will benefit from the large consumer spending spree that we expect to sweep the US in the second half of 2021. In addition to that, people who like to bet on various sporting or racing events were severely limited in terms of betting options throughout the last 12-16 months. With things slowly but surely going back to normal despite the new highly contagious Delta variant, we believe that Penn National Gaming is uniquely positioned and will likely see strong revenue and earnings numbers in Q3 and Q4. Last but not least, let's not forget that Barstool Sports is basically a digital content producing company focused exclusively on sports. Thus, with the return of the NFL pre-season starting in August and the actual season in September, Barstool will be a strong driving force for Penn National Gaming's stock moving forward. Lastly, we should also point out that Barstool Sports launched the Barstool Sportsbook back in September, 2020 which is basically a betting app, and handled over $11 million in wagers during its first week of operations! It definitely seems that the stars are aligning almost perfectly for PENN and as a result of that we believe that the stock will be trading above the $100 mark by mid-September latest. From a technical standpoint the chart also shows the presence of a strong bullish interest around the $70 level. All major daily indicators including the Stochastics, RSI, MACD and Bollinger Bands are also pointing to a strong reversal in play. Our targets for the 8-10 weeks will be $105 and $120 respectively. Good luck guys and remember to always do your own research as well!
NASDAQ:PENNLong
by DowExperts
PENN - WAIT AND SEE BIG MOVE UP OR DOWNAll, PENN is WW here. I need a break both ways to enter unless you want to do a 1:1 ratio short puts to calls same timeframe or short term PUTS and long term calls 2:1 (bullsih bias) overall. Personally just would wait and see. Bullish Bias- Positive ER not necessarily factored in yet due to downtrend / resistance. Would need to do a ltitle more digging on fundamentals to see if it was already over priced, but has alreadyh came down a bit to begin with. SEMI more bull biased, but see bearish bias. Bearish Bias- Broke important trend AND looks like a H&S on Daily.
NASDAQ:PENN
by DigitalData
Pull Back FishingPENN had quite a run the first go around. Bearish divergence on RSI at the two tops. I would imagine this has corrected by now (o: A bearish divergence, especially after a long run to the upside, can warn you to be careful about buying the dip. The RSI or another oscillator does not agree with price movement. Often a chart signal that warns you not to buy can be just as useful as one that warns you it’s time to sell. Bearish divergences don’t necessarily suggest investors should sell right that second, but they do warn that when a breakdown in price does occur, they should consider getting out of the security in question. Divergences often do not affect price immediately and can take time to show up. Some folks verify the divergence in the weekly timeframe. From the quick fib levels I did, peak 2 is above peak 1 and peak 2 almost hit the 1.272 fib level. The 2nd leg pulled back between the .618 and .786 fib levels. The low of the final leg is just below the 1.13 fib level. I did not go deeply in to identifying this pattern, but it appears to be a shark. Since peak 2 is above peak 1, many harmonic patterns are ruled out. That narrows it down to perhaps being a shark, because the cypher only pulls back to the .786 and this pulled just about to the 1.13. This can be subjective as it depends on where you place your 1st leg at. As for moving averages, the 50 DMA has crossed down through the 100 DMA (bearish to many) but not the 200 DMA. Price is under all 3 long term moving averages today. The longest term moving average of this set is sloping up (200). The 50 is sloping down and the 100 appears flat. Price is also just below the 20. Moving averages can provide support and resistance, so some may place a stop under a certain moving average like the 200, of course price would need to be above that moving average if you are long (o: Some trade using different moving average crossovers depending on the timeframe they trade. I and a pattern trader and we are all different, but I do take a look at moving averages and volume to confirm. I like to buy very close to some form of support and I do not mind bottom fishing or deep pull back fishing, but if you do this, often the moving averages do not look so hot, but as a rule securities eventually recover as long as the market is bullish. Some will only buy if all the moving averages are in line where they are supposed to be and that is a good practice, but eliminates bottom fishing as a rule. This one has not been dwelling on the bottom too long at this point and does seem to have slowed from the fall to form a horizontal trading zone. But it is risky to try and peg bottoms and this one definitely needs some moving average improvement. PENN broke up and out of a rising wedge. I owned it when this happened, and sold it at the first peak. I guess I screwed up, lol. Don't you hate it when you sell to soon? I made a nice profit, and I suppose it is better to get out with a profit than a loss )o: Rising wedges are bearish, but I have seen several break up and out of a bearish rising wedge since the manmade flu bottom. I have been watching this one and waiting until it cleared the 1st rising wedge as there are multiple in this chart. I only drew the lowest one to avoid chart overload. Both trendlines slope up and converge at the apex. Often a security will find support from a level within the wedge, and other times they fall to a parallel level to the bottom of the trendline of the wedge, and can fall even further. Price pulled below the bottom trendline of the bollinger bands with the moving average set on 80. This is bearish to many, but price usually goes back inside the bands in a timely manner. When a security pulls back, there is always that chance it is a trend change)o: No recommendation
NASDAQ:PENN
by lauralea