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Possible Bearish Inside Day Candle Pattern Detected for Penn Natl Gaming (NASDAQ:PENN)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Penn Natl Gaming (NASDAQ:PENN) based on the price action in the company's shares. Today's price range of $19.90 and $19.90 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Penn Natl Gaming may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Penn National Gaming, Inc. owns and manages gaming and racing facilities, and operates video gaming terminals with a focus on slot machine entertainment. The company operates through four segments: Northeast, South, West, and Midwest. As of December 31, 2018, it owned, managed, or had ownership interests in 40 facilities in 18 jurisdictions. The company was formerly known as PNRC Corp. and changed its name to Penn National Gaming, Inc. in 1994. Penn National Gaming, Inc. was founded in 1972 and is based in Wyomissing, Pennsylvania.

Potential upside of 78.0% exists for Penn Natl Gaming, based on a current level of $19.90 and analysts' average consensus price target of $35.42. The stock should run into initial resistance at its 50-day moving average (MA) of $21.42 and subsequent resistance at its 200-day MA of $25.39.

In the past 52 weeks, Penn Natl Gaming share prices have been bracketed by a low of $17.30 and a high of $36.90 and are now at $19.90, 15% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 2.2% while the 200-day MA has slid 1.3%.

SmarTrend recommended that its subscribers protect gains by selling shares of Penn Natl Gaming on March 7th, 2019 by issuing a Downtrend alert when the shares were trading at $22.94. Since that call, shares of Penn Natl Gaming have fallen 12.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle penn natl gaming

Ticker(s): PENN