PENN trade ideas
Decision timePenn has earnings coming up tomorrow. right now its trading in a rising wedge pattern which is a bearish pattern with a possible cliff fall out come. Earnings could change this trajectory with a breakout through channel top At 114. I place targets for both possible outcomes .
Mac D is converging
RSI has room to run
MFI has room
PENN ONLY UPI picked up some 3/19 $120 $PENN calls.
- I back
@stoolpresidente
. He's on our side. I'm on his.
- In this market, this company is still undervalued. Sports gambling is one of the fastest growing industries, and it'll show in earnings.
- Superbowl hype.
- It only goes up.
$PENN Adding to Watchlist$PENN with a nice bounce right off the volume shelf there. Could be a good place to jump in.
Retracement to 50% LevelPENN has had a ton of momentum powered by the barstool synergy and over all bullish sentiment of Sports Gambling growth and expansion. The likely retracement to 50% level as that has been seen before this year creates an opportunity for those who want to get in on the trade and momentum at a discount.
PENNMany textbooks on technical analysis claim that there can be no reverse G&P at the top. However, new research suggests this is possible. Personally, I have traded this pattern on TSLA, FB and many others. On the PENN chart as such a case
PENN NeutralRSI divergence
EMA20 Bollinger Band Upper band
There might be a consolidation between 90 and 110.
Sell Iron Condor -- limit 6.2 (Credit)
SellToOpen Mar Call Spread C110/120
SellToOpen Mar Put Spread C80/90
Get Theta 2.34 per day
$10 range,
max profit 6.2,
max risk 3.8,
Reward:risk= 1.63:1
PENN To Test New All Time Highs SoonLaws regarding online gambling have been being created and approved by states since 2020. During the pandemic states have lost tons of tax dollars and need ways to fund local government. It seems more likely than ever that 2021 will be the year that online gambling starts and legalization
NY's Cuomo has even talked about legalizing online gambling to gain new tax dollars to help ease pandemic losses. PENN and DKNG set to benefit the most.
Penn breakout.. Ny to ok gambling todayWeekly channel of Penn which was a bearish rising wedge has flipped with good news on sports gambling. 103$ is channel breakout .. 115 greenline is next Fib target
PENN daily fib linesThis is almost textbook when it comes to fib retracements.
Watch for a breakout over $100. Also this will pull others with it $DKNG for example should go also.
NO POSITION as of now but I am LONG calls on $DKNG.
$PENN
Penn is that you trying to come back wait for a break of this wedge then be on the lookout fo this to make a move back to its old high then rip to new highs
Possible PENN BreakoutLook for PENN to breakout of Triangle pattern within the next day or look for it to continue consolidating for further possible breakout.
Online Sports Betting Stocks Look Bullish for 2021Sports betting stocks look bullish for 2021, sports will most likely continue back to normal with more sport teams starting to let fans back to the stadium. More states also letting online sports betting. The charts for these stocks also look bullish with solid uptrends.
NASDAQ:PENN NASDAQ:DKNG
Rising wedge breakoutThought penn would hold up in this pattern till at the end NFL season. 1st target green line
PENN w50 2020. Ready for Short 100- 75Monthly
Strong uptrend but volume lowering - power decreased
Weekly
Uptrend
Daily
Uptrend, not high volumes, near to 100 as SR level = strong sellers pressure.
I recommend wait for more attractive price and buy.
Open 82 for TP 110
or SHORT 100 to 75
PENN count updateBeen awhile since I've looked at this one but its looking good over previous high.
minimum target is 112 and 159 would be in top range for this. Micro started to outpace larger degree it appears. want it to stay above ~$80 now
