Chart of the week
Date: 12/07/2009
Symbol: PENN
Company Profile: Penn National Gaming, Inc. and subsidiaries engage in the ownership and operation of gaming and pari-mutuel properties in the United States
Sector: Services
Industry: Resorts & Casinos
TRADING PLAN
Entry price: long above: 29.00
Stop price: stop under: 28.00
Target: 35 - open
Chart explanation: PENN look good on monthly chart for position setup, and I was look for smaller time frame like weekly or daily chart to find better risk/reward. Here is weekly chart and I think all is clear but if you look at daily time frame you can see that Friday gave us trap on high volume what is another reason why I like it. If PENN will break above weekly 20sma I will expect to see move at least to previous high what is around $35 resistance area
If anyone have any question or need update feel contact me over email or in the live trading room.
Wish you all good trading!!!
Kind regards
Ivica
http://www.ivicatradingcharts.com/
Date: 12/07/2009
Symbol: PENN
Company Profile: Penn National Gaming, Inc. and subsidiaries engage in the ownership and operation of gaming and pari-mutuel properties in the United States
Sector: Services
Industry: Resorts & Casinos
TRADING PLAN
Entry price: long above: 29.00
Stop price: stop under: 28.00
Target: 35 - open
Chart explanation: PENN look good on monthly chart for position setup, and I was look for smaller time frame like weekly or daily chart to find better risk/reward. Here is weekly chart and I think all is clear but if you look at daily time frame you can see that Friday gave us trap on high volume what is another reason why I like it. If PENN will break above weekly 20sma I will expect to see move at least to previous high what is around $35 resistance area
If anyone have any question or need update feel contact me over email or in the live trading room.
Wish you all good trading!!!
Kind regards
Ivica
http://www.ivicatradingcharts.com/
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