Penn is very bullish

Bullish set-up to watch for the upcoming week. Strong daily hammer candle to finish the week. Almost a month of consolidation between the 20 and 50 DMAs. Trying to break out and closed right at the 29.64 resistance area (old support). I'd buy on a pull back to the 20DMA(yellow) or clean break above the 50DMA and a flip of 29.64 as new support.

This is a laggard compared with peers like which have run substantially over the last several trading sessions and is due for some catch-up price action.

I will share once position is entered.

Note

Indecision candle. Has not broken resistance. No position yet. Watching for ~$ 29 potential entry at the 20DMA.

1 of the biggest mistakes (more than once) when I was a novice trader was FOMOing in and buying in to resistance betting on a break-out because of a few candles leading in to the resistance. Never ever do it. The early entry to bet on a reversal on this name was sub $ 28. Not here.

Let's exercise patience and let the fish fall in to our net.

Trade active

Long @ 28.90.

Stop 28.20

Trade active

Add to long @ 28.40.

Total Avg: 26.65 (2/3 position!)

Stop removed.

Trade active

Apologies: Average is 28.65.
I've purchased puts against this position to hedge downside. It lost support!

Note

Looks like a nice bear trap the last few days. Close over 30 will be very bullish in to next week.

Trade active

Sold 1/3 @ 30.65

1/3 position remaining.

Puts all covered.

Trade closed: target reached

Sold remaining here at 30.85. Not holding through earnings in trading account.

I do hold this in a retirement account separately however at a similar avg in the 28s.

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