Betting On PENN After Its Pullback

In his Trading Room on Friday, Mike Paulenoff highlighted a trading opportunity in Penn National Gaming (PENN):

Mike wrote:  "During the past week, PENN has been in the grasp of a corrective process (no doubt exacerbated by the announcement of a secondary offering on Thursday morning). The correction has pressed PENN into important support at 62.00 that extends down to 57.60, and includes the up-sloping 20 DMA, now at 62.06. As long as any selling pressure is contained above 57.60, the current pullback should resolve itself in another upmove that projects to 79-82 next."

PENN indeed held support, and went on to rally to over 70, closing at 69.85, up over 12% in just a matter of hours from Mike's initial alert.  

Where is PENN headed next?  

See chart below, and login to Mike's Live Trading Room at MPTrader to continue to follow this and other stock/ETF trading opportunities.



More Top Calls From Mike

  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!