Tomorrow is an interesting day for PENN. It broke through the 1-hour resistance (in the final hour), but held the Daily resistance line (Blue line). The stock bounced off the 50 MA and quickly moved to retrace 40%.
1. October 23 may see the stock open at the 50MA ($62.50) and run to $59 and recover or
1a. or will work its way down to $56.
or
2. Open above and run up to $65.25 (S1/R2) and find resistance at the original support line.
2a. If PENN runs to $65 and can't break through resistance then I think it's coiling up for a hard move to the S2 on Monday and Tuesday next week. The blue line becomes the (down) trendline.
1. October 23 may see the stock open at the 50MA ($62.50) and run to $59 and recover or
1a. or will work its way down to $56.
or
2. Open above and run up to $65.25 (S1/R2) and find resistance at the original support line.
2a. If PENN runs to $65 and can't break through resistance then I think it's coiling up for a hard move to the S2 on Monday and Tuesday next week. The blue line becomes the (down) trendline.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.