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- 1 Penn Entertainment stock (NASDAQ: PENN) surges 20% in a single day.
- 2 Penn stock is attempting to break out of the 200-day EMA.
- 3 Penn Entertainment Inc. beats EPS as well as Revenue estimates.
Penn Entertainment stock price (NASDAQ: PENN) surges 20% after the release of quarterly earnings. Penn stock breakout of the $28.00 hurdle with high buying volume which boosted the confidence of investors.
Penn stock price climbed above the 50-day EMA showing that the short–term trend has turned bullish. Presently, the stock is near the 200-day EMA. If buyers succeed to close the stock price above the EMA then the next phase of the rally might trigger.
Penn Entertainment shares witnessed a massive spike in buying volume and prices also followed the same direction. It indicates some big investors might have injected the money and expected outperformance.
For the past few months, Penn stock has consolidated in the wide range between $22.00 to $28.00. Buyers tried multiple times to break the higher range. But due to the strong presence of sellers prices faced difficulty to hold the higher levels and reverted down.
The recent up move in the Penn shares looks reliable and seems like more upside is pending. Penn Entertainment’s stock price is trading at $27.88 with an intraday rise of 15.24%.
Will Penn Entertainment Stock hold the higher levels?
Penn Entertainment stock (NASDAQ: PENN) showed a surprising up move and buyers seem to be returning back to track. After consolidating for quite a long time the stock has finally broken out and expanded the range upward.
The momentum came due to quarterly earnings. Penn Entertainment Inc. reported an EPS of $0.48 and revenue of $1.675 Billion. It beats the analyst estimate by 16.30% and the revenue estimate by 0.59%.
The Penn stock reacted positively and grabbed the attention of investors. The technical analysis suggests, Penn stock is in bull’s grip and the rally has just begun.
Penn Stock Turned Bullish on Multiple Time Frames
Penn stock price has turned bullish on multiple time frames. Any short-term retracement to the 50-day EMA will have a high probability of bouncing back. On the lower side, $25.00 will act as strong support in the coming month.
The MACD generated a fresh positive crossover and the histogram bar is green. It indicates bullish momentum might continue in the coming months. The RSI at 63 rising upward denotes the strength of bulls and more room for upside is open.
Conclusion
Penn Entertainment stock (NASDAQ: PENN) shot up 20% in a single day. However, it witnessed minor profit booking but Penn stock is expected to bounce back soon. The recent breakout in Penn stock looks reliable and more upward momentum is possible.
Technical levels
- Resistance levels: $30.00 and $32.00
- Support levels: $25.00 and $22.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
