Will PENN ENTERTAINMENT INC Break Out? A Technical Analysis Perspective.

Our stock screener has flagged PENN ENTERTAINMENT INC (NASDAQ:PENN) as a potential breakout candidate. This occurs when the stock shows signs of consolidation after a notable upward trend. While we can't predict the actual breakout, it's worth monitoring NASDAQ:PENN for potential movement.

Deciphering the Technical Picture of NASDAQ:PENN

Every day ChartMill assigns a Technical Rating to every stock. The score ranges from 0 to 10 and is determined by evaluating multiple technical indicators and properties.

We assign a technical rating of 7 out of 10 to PENN. Although PENN is a bad performer in the overall market, the technical picture looks good in both the medium and short term time frames.

• Both the short term and long term trends are positive. This is a very positive sign.
• PENN is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so PENN is lagging the market slightly.
• In the last month PENN has a been trading in the 17.41 - 22.04 range, which is quite wide. It is currently trading near the high of this range.

Check the latest full technical report of PENN for a complete technical analysis.

How do we evaluate the setup for NASDAQ:PENN?

ChartMill also assign a Setup Rating to every stock. With this score it is determined to what extend the stock has been trading in a range in the recent days and weeks. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. NASDAQ:PENN scores a 9 out of 10:

PENN has an excellent technical rating and also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. There is very little resistance above the current price. There is a support zone below the current price at 20.79, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for PENN in the last couple of days, which is a good sign. Another positive sign is the recent Pocket Pivot signal.

How to trade NASDAQ:PENN?

One strategy to consider is waiting for the actual breakout to occur, where the stock breaks out above the current consolidation zone. Traders can then enter a buy position, anticipating further upward momentum. As a risk management measure, it is advisable to set a stop loss order below the consolidation zone.

Please note that this article should not be construed as trading advice. The information provided is solely based on automated technical analysis and serves to highlight technical observations. It is important to conduct your own analysis and make trading decisions based on your own judgment and responsibility.

Our Breakout screener lists more breakout setups and is updated daily.

Keep in mind

This article should in no way be interpreted as advice. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.