Penn National Gaming Inc (PENN): Price Now Near $104.61; Daily Chart Shows Downtrend on 20 Day Basis

The Hourly View for PENN

Currently, PENN (Get Ratings)’s price is up $0.86 (0.83%) from the hour prior. This is the 2nd hour in a row PENN has seen its price head up. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 100 hour moving average has been crossed, so that price is now turning above it. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

PENN’s Technical Outlook on the Daily Chart

Currently, PENN’s price is up $0.83 (0.8%) from the day prior. This is a reversal of the price action on the previous day, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the daily chart exists on the 50 day timeframe. Of note is that the 50 day changed directions on PENN; it is now pointing up. The moving averages on the daily timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders. Penn National Gaming Inc’s price action over the past 90 days can be seen via the chart below.

PENN

For PENN News Traders

Investors and traders in PENN may be particularly interested in the following story that came out in the past day:

Penn National Gaming breaks lower on momentum swing (updated)

Penn National Gaming ([[PENN]] -3.9%) is down on a high-volume move that makes it the leading decliner in the casino sector. The low on the session for PENN is $101.78. Momentum has turned against Penn even though the stock rates at the top sector with a Seeking Alpha Momentum Grade of…

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