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

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Penn Natl Gaming (NASDAQ:PENN) based on the price action in the company's shares. Yesterday's price range of $25.25 and $25.52 is within the prior day'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. Traders and investors interested in shares of Penn Natl Gaming may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Penn Natl Gaming share prices have moved between a 52-week high of $26.45 and a 52-week low of $16.72 and closed yesterday at 53% above that low price at $25.52 per share. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.9%.

Potential upside of 38.8% exists for Penn Natl Gaming, based on a current level of $25.52 and analysts' average consensus price target of $35.42. The stock should discover initial support at its 50-day moving average (MA) of $22.38 and subsequent support at its 200-day MA of $20.43.

Penn National Gaming, Inc. owns and operates Charles Town Races in West Virginia which features slot machines, casinos in Mississippi, and a riverboat gaming facility in Louisiana. The Company also owns racetracks and off-track wagering facilities in Pennsylvania, as well as manages a gaming facility in the Province of Ontario, Canada.

SmarTrend recommended that subscribers consider buying shares of Penn Natl Gaming on October 21st, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $20.65. Since that recommendation, shares of Penn Natl Gaming have risen 21.8%. We continue to monitor PENN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle penn natl gaming

Ticker(s): PENN