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SmarTrend Watching for Potential Pullback in Shares of Penn Natl Gaming After 2.75% Gain

By James Quinn

Penn Natl Gaming (NASDAQ:PENN) traded in a range yesterday that spanned from a low of $27.23 to a high of $28.20. Yesterday, the shares gained 2.7%, which took the trading range above the 3-day high of $27.66 on volume of 1.4 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

Over the past year, Penn Natl Gaming has traded in a range of $11.93 to $33.30 and is now at $27.87, 134% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.3% while the 200-day MA has slid 0.4%.

SmarTrend recommended that its subscribers protect gains by selling shares of Penn Natl Gaming on February 5th, 2018 by issuing a Downtrend alert when the shares were trading at $30.63. 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: rebounders penn natl gaming

Ticker(s): PENN