Here’s your trade on Penn National Gaming ($PENN) (December 08, 2020)
PENN DKNG PENN AAPL DKNG PENN
Penn National ( NASDAQ: PENN ); this is something that we have been following along with DraftKings ( NASDAQ: DKNG ). They are totally different charts, Penn ( NASDAQ: PENN ) looked a lot better. DraftKings ( NASDAQ: DKNG ), though, was up nicely today 5.3 percent, Penn ( NASDAQ: PENN ) was up almost 9.
I actually own both of them now but the reason I like this ( NASDAQ: PENN ) is, it is just coming from a better place in the pattern. Now it is up, I believe, at an all-time high. DraftKings ( NASDAQ: DKNG ) still has some work to do. But you see this stock blasted through the average volume, 7.5 million shares were traded today and that’s a pretty big move.
Also, this has a real high closing location value. You look at the high of about 80.00; the low down here about 71.40, and this stock is very, very close to the high. That reflects institutional buying right into the afternoon, no selling into the close. So I think this stock moves higher from here.
I would be a buyer but I already have a big position in it. I am just going to keep a stop, it’s got to be a little bit loose right now but I will keep it around 67.50, something like that, and give the stock a little room to move. We put this on our Active Trade List today; we’re tracking this along with several other stocks at Stock Market Mentor.
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