Forming invers head and shoulders. Neckline 51.74 if we can pop that and hold above as new support we are looking at a large reversal setup. If we lose 49,70s and start flipping that to resiatnce id be looking down closer to 46s with a low of 37s. If this inverse head and shoulder pays out first tarhet would be 62. Howver clear resiatnce at 59ish. So first take...
Trendline brake and rejecting the high volume area. Entering on brake previous day low. First target 43 area
Stop 48.66
Enter below 46.9
1.target 43.66
Weekly
Bullish div on MACD-H and EFI. We do see 4 EFI diverging locally in the latest decline.sRSI is about to to a strong degree it seems, and might tick up.
Daily:
FB and 1st HL, impulse green. Might possibly start a new uptrend and fullfilling the weely setup
"Entry: around 44
TP1: 57,14
TP2: 62,9
R/R Ratio
Earnings watch 2/3 pre-market:
PENN
NOK
MRK
COP
SHEL
LLY
HON
EL
CI
VSTO
Do your own due diligence, your risk is 100% your responsibility. This is for educational and entertainment purposes only. You win some or you learn some. Consider being charitable with some of your profit to help humankind. Good luck and happy trading friends...
*3x lucky 7s of...
And that means Wave C is confirmed on some level. Wave C or Y of a more complex WXY type pattern. It is unclear which it is at this stage, as it is only early day of the last leg, but it does not matter as both scenarios are bearish.
We are not in the business of getting every prediction right, no one ever does and that is not the aim of the game. The Fibonacci...
PENN went into new highs now back to the Covid lows. IF the current levels doesnt hold at 42 it could very well be slipping down to $32 zone for any reasonable consolidation to happen
Lucky if you can have short term bounce if mkt allows to get you an exit
The policy of cohabitation with the covid has allowed betting rooms and casino reopening,
The Americans therefore want to gamble.
Return also the investors on the Stock, it seems there is a consistent increase of the positions LONG from the professional investors while the Institutional ones constantly reduce their positions SHORT in view of a passage LONG...
a couple outcomes here, today it was rejected at local resistance.. so we either dip and retest recent previous trend resistance then bounce.
Or we break 53.71 in the next few weeks and rally to 62.42.
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I was following the x4 OPEX closely last week because options are the market.
The amount of QE liquidity in options over the past 2yrs has been distorting this bull trend for 2 yrs but also causes predicable dips during OPEX.
So it wasn't a surprise Thu-Fri Dip to 20 50 EMA was this predictable.
The only question now remains.
Do we rally back next...
We can see the giant Inverted Head and Shoulders on the daily chart, which is now further stretched down to $45.
I think this fall is enough, to confirm major long term downtrend, unless the trend reverses and holds above $87, which seems far away from the current price.
Maybe set some stops.
Life does not always turn out the way we want it to. 0;
Possible crab/If short, then stop above the neckline which has been broken may suffice which is 61.02
Penn has experienced a substantial drop in share price due to a correlated attack from Business Insider against CEO David Portnoy being released the same day as an earnings miss. The CEO of Business Insider is barred from ever trading securities again in the United States derived from a history of insider trading. Penn Is a large player in the Casino industry and...
