rudcharts

PENN 2/21/2022

Short
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NASDAQ:PENN   PENN Entertainment, Inc
PENN

PENN is currently in a downtrend since breaking down from 81 level.
Price has now pulled back to 50 ema in form of a bear flag .
On the pullback, price also rejecting resistance level at 51.65.
On the last day of trading, price broke out and down from bear flag and the candle stick being an inverted hammer . This is my cue to enter trade.
Entering trade short

Entry: 47.27
Stop loss: 51.84
Target: 38.37 – 18.81% RR ratio 1.94
Trade closed: target reached: Closed @ 38.37. +18.81% RR ratio 1.94

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