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.
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