Profiting On PENN

In his Trading Room this past Tuesday, Mike Paulenoff told members to expect more upside in PENN National Gaming (PENN).
 
With the stock trading at 67.16, Mike noted:
 
"My pattern work suggests strongly that PENN ended its most recent bout of weakness off the 75.24 high into today's low of 63.58, which is part of a larger-developing high-level bullish digestion period.  As long as this AM's low at 63.58 remains intact, PENN's set-up points higher ... towards the 73.60 upper boundary line."
 
PENN proceeded to continue higher, reaching 72.26 intraday on Friday, up 7.6% in just 3 days after Mike's alert!
 
Where is PENN headed next?  Here's what Mike told members on Friday:
 
"PENN technically is behaving just as we might expect from a bullish pattern after a gargantuan upmove from its March low at 3.75. My near-term pattern work argues that the high-level digestion period is at or near completion ahead of the initiation of a new upleg that projects to a target zone of 79 to 81. Only a failure of PENN to climb above 69.94 followed by a decline that breaks today's low at 65.71, and then continues lower to break 63.68, will wreck the promising set up."
 
See chartwork below.
 


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