PENN trade ideas
Inverse head and Shoulders?The way Draftkings has a hold on the gambling and daily fantasy market with constant positive headlines, PENN seems to have moved too high for its own good. I would love to short this stock, but I think that would be a mistake. The key here is Barstool Sports and their original content. This is more than a gaming stock, this is a media play as well. I think this has a chance to break $80 in the coming weeks as long as the market will let it and sports continue to be played in a regular manner.
I have been long since $9.66 and do not plan on selling any time soon.
PENN: $50Take a look at this stock - The 4 Hour just completed a Head & Shoulder correction at about $70.86 - The correction indicates a drop to about $63.35 which will trigger a larger Head & Shoulder correction down to about $49.85 (200 MA)... Take a look and decide for yourselves. If this plays out then it may be an indication of an overall market correction.
Retest of red trendlineLet's see if it can hold the 20dma. If it can not bounce retest of red line likely.
Adding to this is the stock offering at a record high and a second Corona wave, which is sub optimal for a casino operator...
garbage in, garbage outThis stock and company is garbage, portnoy is a fraud and this stock looks just like aapl and tsla. Setting up with a huge weekly bearish divergence on diminishing volume. Assuming last week's high was THE high, we need a bearish confirmation candle on the daily and weekly and the trend to start downward. However, since this is a bubble fueled by retail and hedgefunds, it should pop rather quickly I would think. We shall see..calling a top on this thing has been a fool's errand for a while. I already got one top call wrong on it last week (but maybe only off by a day or two, if the high was in last week)
PENN Convergence to DKNGalways bet on the underdog especially when they are better than the favorite.
Penn Short term - prices to dropPrices to drop based on 15 min chart as
(a) Base line below conversion line, both downward trend
(b) Prices below Kumo cloud, and Senkou A and B crossing
(c) Lagging span below the Price
(d) Volumes up
I expect the prices to drop in short term.
Penn Gaming to Sub 66Failing MACD and RSI as Penn made higher highs over the past week. Rejection off 1.61 Fibb extension from 1-2 Wave marks end of B wave, C wave down to 66 or below in the coming weeks. Copyright Rohan Karunaratne 2020
PENN Bullish flag breakout from consolidationPENN has formed a very nice flag pattern with tightening consolidation. Yesterday the stock price exited from upper channel line and during pre market this morning it went up even more, resulting gap on opening. Went long during pre market session at 59.5
The momentum is confirmed with crossing MACD signal and bounced up stochastic.
Will keep it as a swing trade, for couple of days. Target will be around 75-80
multi-month bearish divergenceit doesn't take a genius to see that PENN is overvalued and overhyped. The DDTG hype/pump crew have come in and bought up shares, but without conviction. Huge bearish div playing out on a multi-month timescale. This won't end well
$PENN : The Barstool Sports stock is in for a correctionDave Portnoy $PENN stock is in for a correction .
PENNThis chart makes me nervous at this level. Pattern reminds me of FLWS which is now down 20%+ this month. Probably not a bad short if tomorrow sells off.
Cup and HandleTalk about a struggle!! But she's finally moving. The stock is not to break out yet. I have owned it for a while now and was about to give up! Don't you hate it when you sell due to impatience then BOOOM the next day it takes off! I sold INSP yesterday and could have kicked myself today..LOL
She looks like she is trying though
No rising wedges
Broke to the downside from a symmetric triangle but not too far
Shall see
Stop below handle low
Not a recommendation as this can go either way/of course they all can!
My stop is at 26
I am not recommending this stock but I do own it
Buy Zone and Target for Penn National Gaming $PENNMy buy zone and target for $PENN.
(Not financial advice)
$PENN Range BreakoutTicker: $PENN
- Setting up for range break
- Above all time highs watch for a breakout
- Keep on eye on 60.00 for psychological level
- Above that watch for 61.50, 64.40, 68
PENN S&ROver a week ago, PENN rallied above its previous resistance around 40 and began trading in between this channel. Throughout Friday and Monday, PENN hit the resistance level at the 53s, but finally broke through the ascending triangle and is now trading above it, making the 53 a resistance level to watch out for. A break of the Anchored VWAP should be on watch, as a break below the new support would be imminent, especially with this Portnoy news. However, if PENN can stick this 54.9 level, it should be in good shape for a breakout
Penn RSI 71 weekly done, it touches upper channelNow Penn can go on and stay on that channel, but eventually it will touch lower channel with RSI down also
that's your target for the next weeks
PENN BUY INVESTING , TARGET UP TO $67PEEN formed the "Cup and Handle" pattern without confirmation but the small wedge formed will be the
driving force for the price to confirm and exceed $ 42, I split buy PENN in two times,
now buy 50% and when exceeding $ 42 will buy 50% more.
Buy 1 : $33.50 (50%)
Buy 2 : $42 (50%)
Target : $67 +-2
Stop loss : 8% .
Wish you good deals!
