Penn is exhausting. Watch out.

Taco0o0o Premium Updated   
NASDAQ:PENN   PENN Entertainment, Inc
It appears that this current bounce could just be an exhaustion push back up near the ATH's to suck in uneducated retail traders into long positions.

There is heavy resistance above, and bullish price action support has been broke.

I wouldnt be surprised to watch Dave Portnoy attempting to shill this up to his following to desperately trying to save the stock from this potential downtrend.

Lets dive in..
We can see the daily momentum is continuing to push and gives us the idea that this exhaustion push could even see as high as the orange .833
Comment: I believe with the upcoming American Football season, we will see the continued push up. But i believe it is bull trap and being used to capture those retail fundamental analyst in a bull trap.
So far our assumptions about the football season being a bulltrap have been correct.

We rejected at the levels I expected and the recent gap down has confirmed we are going down still, not up.

There will be more countertrends back up along the way, but we are heading to get that square up and retest real support levels.

Trend line broken.
Comment: Back in august I said, keep an eye on that 3day 44ppma.


Comment: now the .236 has been broken. We can look to the next fib level as potential support/targets. We have the moving averages above that level though so watch for counter trends to form upon those dynamic support levels of the moving averages.
Comment: Just as we said in the original post and chart - watch out for the weekly 44ppma to hold as resistance and if it does to watch for the .382 as the major reversal level.

SO far nothing has changed about that assessment. We will continue to monitor for counter trends along the way.
Comment: They are confirming these fibs we pulled on Nov 5th. Scroll up.

Comment: *blue fibs
Comment: Fibs aside, keep it simple

Support/Resistance and dynamic Support & resistance.

We have finally reached our square up and final target from this post.
Comment: Fibs we pulled back in november gave us a near perfect hit
We are chopping around this 1.0 fib and its making me think that we are likely to see continuation to the downside, the targets would be 1.272 and the 1.618. Not a great idea to get short in the whole on these when we are sitting at a possible support level.

There will be a time when we will be looking up on this one.
Watch the bulltrap

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