Pull Back Fishing Falling WedgeOkay. I was wrong on this one and PENN did not "pop" like I thought it would. Instead it made another bottom. Happens sometimes. In the positive column, it is still close to the support of C. I am at this point saying, are you gonna stay or are you gonna go? I do not like keeping money tied up so long just waiting on a move. Possibly it is just not this sector's time to move, but DKNG is moving slowly but surely. I like CHDN and it is struggling as well.
Negative volume has remained extremely high through out this pull back dweller's time at the bottom. Possible ARC before the landing pad so it is expected to be volatile, but PENN has been downright slow. The rising wedges did not help in the long run either. Too many buyers are represented in rising wedges, and buyers become sellers eventually. Gonna hang though.
I like this stock and I sold it close to the top, but did not wait for long entry level when it hit it's possible bottom, so that is my bad. Not waiting for long entry level can burn you. Other times it is gr8 cos you make more on the way up. Just doesn't happen every time. Life is a gamble.
The moving averages look awful and if it were not for the high negative volume being so high, I would have bailed a while back. There is also a falling wedge which can be bullish during a pull back or a bottom. A Falling Wedge is opposite of a Rising wedge (bearish). They both narrow at the apex, but a falling wedge slopes against the prevailing trend and a rising wedge goes up, with the prevailing trend. A falling wedge consists of 2 trendlines and both point down but they narrow suggesting selling pressure is easing off.
The 200 slopes up but the 50 has crossed down and through the 200, often referred to as a death cross. But you know when you are bottom or pull back fishing, these are the things one may encounter. )o: The 50 will be below the 100 or the 200, until it is not.
Crossing my fingers on this one. Short interest is 8.7%, depending on where you look, which is higher than I like.
No recommendation.
From the ashes, we can live another day (o: