PENN Trading PENN with some calls here. I am betting it will bounce of strong support with football season starting.
PENN
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!
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Disclaimer!!!
This is not financial advise.
$PENN Triple Bottom Reversal Pattern$PENN is forming a triple bottom and showing signs of a bullish reversal soon. Entered OCT calls. A break below volume shelf invalidates trade. High reward low risk in my opinion.
IWM: Breakout or RejectionIf anyone has placed their position in IWM few days ago when I wrote my analysis on IWM, please be careful with tomorrow's small caps market as IWM has reached to the crucial pivotal resistance point, either they could breakout and all small caps stocks will continue to rally OR a strong rejection to downside. Small caps stocks like DKNG, PENN, AMC, CROX, UPWK, NVTA, APPS, M, FUBO will be affected accordingly. Plus, Jerome Powell will be speaking tomorrow at Jackson hole. Be mindful.
Long Penn. Swing Trade. Good fundamentals. Good earnings. Time to recover as sports season starts.
I like their business models and acquisition strategies. I think they are the leader of online sports betting together with DraftKings.
DRAFTKINGS [Breakout]DKNG crossed the creek of a persistent downward sloping supply line today after breaking above the .236 fibonacci level of the retracement shown on the chart.
Anything above $48 is bullish and now that you have a decisive looking candle breaking out of the trendline on the daily, that only adds as further validation.
The price is in the middle of our .236 to .382 fibonacci range, but there are local support levels that could be used as entry areas. For instance today we closed above $50.58, an area that corresponds with a 50% retracement of this range. Support above a 50% retracement is often bullish and could make for an entry for a long but keep in mind your lowest risk area will always be at the macro lower support which in this case would be at $48.06 (.236 fib level).
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.
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!
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.
Digging the price action on PENNNASDAQ:PENN was not on my immediate watchlist but I happened to notice the price action from last week giving a second solid rejection of the Weekly 50% Retracement. See below for swing timeframe spike...
DKNG pump fueled by shorts?DKNG 4HR TF
Analysis
After a 15% correction within a two day span from Hindenburgs claims on black market dealings/ illegal gambling, Buyers took advantage of that dip as it rallied 11% intraday and is currently consolidating for more upside. Retraced nicely to the .618 of May lows and Junes current highs and potentially forming a nice channel with lots of upside to run. Some important things to annotate on this chart: DKNG broke a 3 month downtrend June 7th, failed as price retested that previous resistance but reclaimed and holding right above(green trendline). Also, massive volume spike coming in after the Hindenburg dip. Ideally would like to see a dip back to the 44-46 levels for a dip entry, however if we don't get that dip and price pushes pass 50.15 I'm seeing a push to 55 by eow.
Targets: 55, 61, 69
Trade ideas:
Buy calls atm/otm strikes, 2+ weeks out (44-46 buy zone) or breakout entry at 50.15 to 1st target.
PENN Trade IdeaI like $PENN under $85. I think it will easily hit $100 in a few weeks. Stop-loss around $70 which is a 13% drop from here, the trade would need to be a small position.
Opinions not advice.
$PENN Update - 4% Day Since Post Yesterday PENN gaming bouncing off the 200DMA as I predicted yesterday, will easily carry this to $100 IMO, not only do we have support at the $75 level, but we also have an upward trendline from August of 2020 that gives this 3 technical confirmations and bullish outlooks for an upward movement towards my target of $110.
$PENN LONG - First Target $110.00 PENN Gaming reversing from an oversold area looking to bounce off its 200 day moving average, in my opinion $80 is a fair price for a swing towards $110 near term. Not only is this respecting its support line near $75, but its trendline since August of last year. $110 is a conservative target, considering its trading range near $140 in March. Negative MACD value at these levels can give this reversal a lot of momentum to the upside if the market agrees with pushing this higher
DKNG Increasing their advertising budget to $44Million Obviously this industry is trying to get a running start on claiming a vacant spot since the pandemic. If the industry as a whole is multiplying their advertising budgets by 15X its not out of line to think that their overall profits will increase as well. Is double industry earnings year over year out of the question?
by iCantw84it
05.19.2021
PENN Gambling looking to increase their bottom lineUping their advertising dollars across the market as a whole at 15 times the normal amount spent in advertising.
by iCantw84it
05.19.2021
Obvious Correction on PennClear corrective behavior tells me we're likely to get another impulse up on Penn.
We could stay in the corrective pattern a bit longer, but once it breaks, new highs incoming.
First target $160.
What's next for DKNG? Part 1What's next for DKNG? I'll be providing two other posts, please make sure you check those out as well after reading this. There's a lot of juice behind this stock right now.
As you can see from the chart, DKNG had a clear breakthrough below the 200 day SMA. This line of support had massive volume (VPVR) at the 51 level, the 200 day SMA line at 51, as well as massive psychological support at the 50. All broken through yesterday. Right now, the play is to find the bottom, but where is it? Are we too soon?
For the retail bros, it looks like all is lost, and this shit is going to zero. But... check out RSI and my follow up post.
PENN Long And StrongI think PENN is oversold. The country is reopening and sports will be back in a BIG way. And do you know what's bigger than sports? SPORTS BETTING! PENN Nationals merger with Barstool Sports, a media company with hardcore sports fans was an end game move! They will be the biggest and lead the way for other sport betting companies. Sports betting will be legal in all 50 states in the future, the tax incentives are too massive to pass up. Barstool Sports book is only in 2 states so far, and already setting records. It's up only from here. Long PENN and prosper my friends! Cheers. I think PENN will be trading around $185-200 by 2022.
PENN Breakout to Upside?Could go either way but I like this breaking out to the upside. Strong support ~$97-$98. Stochastic points to the upside on 4HR. 50 EMA has been acting as resistance and I would like to see a close above. What's everyone's thoughts?
DKNG back to 70+?DKNG 1HR CHART...
After a strong sell off from reaching ATH, we seen some bullish momentum in the past 2 weeks with a strong close on Thursday. March Madness championship is Monday April 5th, so a potential catalyst to help this momentum continue. Expecting to see some bullish price action early this week and sell the news with sports activity decreasing. Possible catalysts to keep a look out for... gambling laws, partnerships, app features, etc. A safe entry would be on the break of 65 and a hold, to ride it back up and retest ATH. A Break Under 61 I would consider looking for a short opportunity to mid 50s depending on the overall market sentiment.
