PENN has broken out of a previous downward channel & now seems forming a inverse Head & Shoulder formation. It also looking like a ascending triangle breakout with significant increase in moneyflow. We think it will test its next resistance around $17.30
* Trade Criteria * Date First Found- March 15, 2017 Pattern/Why- Inverse H&S Entry Target Criteria- Break of $15.50 Exit Target Criteria- $17.27 Stop Loss Criteria- $14.74
Please check back for Trade updates. (Note: Trade update is little delayed here.)
Trade active
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March 17th- Hit entry, updating our stop loss criteria to $15.03
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March 23rd- awesome move higher on huge volume closing at the top of its range. Missed our target by 6 cents. We would consider taking some profits in this range.
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March 24th - Wow! Another brilliant upward move hitting our target price. Wonderful trade.
Trade closed: target reached
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March 24th - Wow! Another brilliant upward move hitting our target price. Wonderful trade.