Probably will bounce hard
MFI, RSI pointing up, MACD crossing up.
Only thing missing is CCI not really above 60, yet.
My plan: Stop limit buy above previous hammer close and SL under long lower shadow and penny.
Just learning support resistance...
Not a recommendation, set your own plan, do your own DD.
Bought at the recent lows and price is already 10% higher. Either he has firm belief in the company or knows something. Both are good signs.
The only "black stone" is the risk reward/ratio.
Tread your path
PENN has been a strong uptrend for most of 2017, as shown on the weekly chart. Also, the weekly chart shows that we are at a measured move target for the first leg of a move that began the week of 1/20/17 at $13 and ended around $21.1. Assuming a L1=L2 move, the target would have been $29.30.
Prices have consolidated around this level on the Daily chart and are...
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...
PENN is running within a upward channel and now its declining from upper line of the channel. We would like to take the opportunity as it declines towards lower channel line. And if it declines further it can form a Hand & shoulder and go as low as $10.
Date first found- January 18, 2016
Entry Target Criteria- Break of $12.97
PENN also running within a downward channel. Recently It is showing strong upward momentum, seems it is just breaking out. Moneyflow is also very good in positive side.
Entry Target Criteria- break of $14.29
Exit Target Criteria- First Target- $16.27; Second target- Momentum
Stop Loss Criteria- $13.47
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