August 25, 2021, 1:11 pm EDT
Gaming and Gambling – Penn National Gaming Inc (PENN)
Economic reopening enticed people to get into spending mode. The spending activities include traveling, shopping, gaming, and gambling. Especially, gaming and gambling provide both entertainment and dreams to get rich overnight. Almost all major gaming hotels rose up yesterday as we mentioned in yesterday’s article: The Day For Traveling And Shopping like WYNN, LVS, CZR, MGM.
Moreover, gambling resorts and online gaming continue to gain investor attention: SGMS, DKNG, IGT, BYD, PENN. Therefore, it seems to carry strong buying momentum for this industry.
Technically, PENN has made a long decline or downtrend since March 2021. But the downtrend slowdown from May to July. Eventually, it made a rectangle base from July to August. Today, PENN decided to jump out of the box to begin its potential uptrend and rally. The timing is perfect for entering PENN with a protective sell-stop at 71.