Penn National Gaming PENN Investment Analysis and Advice

June 28, 2022, 21:00 pm ET, BY Bill T.- Contributor| Editor: Thomas H. Kee Jr. (Follow on LinkedIn)

Prudent Investment Analysis requires observations of the support and resistance levels for Penn National Gaming (NASDAQ: PENN) too.  These define prudent trading plans.

Warning:

This is a static report, the data below was valid at the time of the publication, but support and resistance levels for PENN change over time, so the report should be updated regularly.  Real Time updates are provided to subscribers.  Unlimited Real Time Reports.

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Instructions:

The rules that govern the data in this report are the rules of Technical Analysis.  For example, if PENN is testing support buy signals surface, and resistance is the target.  Conversely, if resistance is being tested, that is a sign to control risk or short, and support would be the downside target accordingly.  In each case, the trigger point is designed to be both an ideal place to enter a position (avoid trading in the middle of a trading channel), and it acts as a level of risk control too.

Swing Trades, Day Trades, and Longer term Trading Plans:

This data is refined to differentiate trading plans for Day Trading, Swing Trading, and Long Term Investing plans for PENN too.  All of these are offered below the Summary Table.

Longer Term Trading Plans for PENN

• Buy PENN slightly over 23.92 target 31.81 stop loss @ 23.85 Details

The technical summary data tells us to buy PENN near 23.92 with an upside target of 31.81. This data also tells us to set a stop loss @ 23.85 to protect against excessive loss in case the stock begins to move against the trade. 23.92 is the first level of support below 31.79 , and by rule, any test of support is a buy signal. In this case, support 23.92 would be being tested, so a buy signal would exist.

• Short PENN under 31.81, target 23.92, stop loss @ 31.9 Details

The technical summary data is suggesting a short of PENN as it gets near 31.81 with a downside target of 23.92. We should have a stop loss in place at 31.9though. 31.81 is the first level of resistance above 31.79, and by rule, any test of resistance is a short signal. In this case, if resistance 31.81 is being tested, so a short signal would exist.

Swing Trading Plans for PENN

• Buy PENN slightly over 31.81, target 40.06, Stop Loss @ 31.72 Details

If 31.81 begins to break higher, the technical summary data tells us to buy PENN just slightly over 31.81, with an upside target of 40.06. The data also tells us to set a stop loss @ 31.72 in case the stock turns against the trade. 31.81 is the first level of resistance above 31.79, and by rule, any break above resistance is a buy signal. In this case, 31.81, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.

• Short PENN near 31.81, target 31.30, Stop Loss @ 31.9. Details

The technical summary data is suggesting a short of PENN if it tests 31.81 with a downside target of 31.30. We should have a stop loss in place at 31.9 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 31.81, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.

Day Trading Plans for PENN

• Buy PENN slightly over 31.81, target 40.06, Stop Loss @ 31.74 Details

If 31.81 begins to break higher, the technical summary data tells us to buy PENN just slightly over 31.81, with an upside target of 40.06. The data also tells us to set a stop loss @ 31.74 in case the stock turns against the trade. 31.81 is the first level of resistance above 31.79, and by rule, any break above resistance is a buy signal. In this case, 31.81, initial resistance, would be breaking higher, so a buy signal would exist. Because this plan is based on a break of resistance, it is referred to as a Long Resistance Plan.

• Short PENN near 31.81, target 23.92, Stop Loss @ 31.88. Details

The technical summary data is suggesting a short of PENN if it tests 31.81 with a downside target of 23.92. We should have a stop loss in place at 31.88 though in case the stock begins to move against the trade. By rule, any test of resistance is a short signal. In this case, if resistance, 31.81, is being tested a short signal would exist. Because this plan is a short plan based on a test of resistance it is referred to as a Short Resistance Plan.

PENN Ratings for June 28:

Term →	Near	Mid	Long
Rating	Weak	Strong	Weak
P1
P2			0
P3	0		0

Support and Resistance Plot Chart for PENN

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