Profiting On PENN - Market Analysis for Oct 18th, 2020
by Mike Paulenoff
October 18, 2020 • 11:10 AM EDT
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.
Mike Paulenoff is the author of MPTrader.com, a real-time diary of his technical analysis & trade alerts
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