Boxes strategy analysis. $PENN stock price action.
Here is my recent analysis of
PENN
stock price movement.
As always I used my boxes strategy.
Here is a recap of recent price action:
Price dropped below 86 level in May 2021, which had acted as a support before. Then price tried to reclaim that level multiple times, but with no success.
We can mark this level as a strong supply point.
Significant demand level was reached in August where price bounced from 61 level with huge volume. Long-term trend line can be marked at that level, as it acted as a strong support.
Hence, the box is formed between 61 and 86 levels.
Another point of interes is 74.4 acting as a magnet, with plenty of action around it.
What happens next?
We need to see decent volume at breakout of 86 for the stock to move higher.
Target is 95 which had acted as a demand level of the previous box.
Trade wisely and good luck!
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Disclaimer!!!
This is not financial advise.
PENN
stock price movement. As always I used my boxes strategy.
Here is a recap of recent price action:
Price dropped below 86 level in May 2021, which had acted as a support before. Then price tried to reclaim that level multiple times, but with no success.
We can mark this level as a strong supply point.
Significant demand level was reached in August where price bounced from 61 level with huge volume. Long-term trend line can be marked at that level, as it acted as a strong support.
Hence, the box is formed between 61 and 86 levels.
Another point of interes is 74.4 acting as a magnet, with plenty of action around it.
What happens next?
We need to see decent volume at breakout of 86 for the stock to move higher.
Target is 95 which had acted as a demand level of the previous box.
Trade wisely and good luck!
-----------------------------------------------------------------------------------------------------------------
Disclaimer!!!
This is not financial advise.