Here’s how I’m trading Penn National Gaming ($PENN) (September 10, 2020)PENN ISRG PENN
I want to look at Penn National Gaming ( NASDAQ: PENN ). This stock has been in kind of a high squeeze for a while. It kind of reminds me of Intuitive Surgical ( NASDAQ: ISRG ), the way that was back here. The same thing, it had broken out, run up a bit, and then just kind of drifted sideways. It is just kind of like banging its head on the ceiling, not really ever coming down to the floor. So finally the stock busted through, boom, right there and then kept going.. But then ultimately it has pulled back and it’s penalized those that were late in buying.
And so if we look at Penn ( NASDAQ: PENN ) you will see a similar thing and I think we are going to get a similar outcome. In other words, the stock ran up here, was banging its head against the ceiling, and then has just finally broken out, boom, right there. I own a little bit of it and our members do too. I know Scott was on this either yesterday or the day before getting people into this stock so they are up nicely today, the stock is up 8 percent but at this point it’s got high volume.
These are two things that I would say; I think the stock is probably going higher from here; this is a big bunch of volume. The big volume spikes here are green, it’s on buying as opposed to selling pressure aggressiveness. But right now isn’t the day that I would actually be buying; it’s the day I would be holding. I would have a protective stop somewhere down in the mid to high 50.00s just in case this is a complete bust; that’s how I would be trading Penn ( NASDAQ: PENN ).