Analyzing the options chain and the chart patterns of PENN Entertainment prior to the earnings report this week, I would consider purchasing the $25.50 strike price Calls with an expiration date of 2023-8-11, for a premium of approximately $0.90. If these options prove to be profitable prior to the earnings release, I would sell at least half of them.
Looking forward to read your opinion about it.
Trade closed: target reached
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PENN traded at $29.30 after earnings, and the calls went up from $0.90 (when I wrote this article) to more than $3.80 intraday, for a fantastic 4.20X Profit! Impressive! Congrats to those who bought the calls!