Penn National Gaming Stock Forecast
Evaluation of Penn National Gaming stock downgraded after the last trading session.
(Updated on Jul 02, 2024)
The Penn National Gaming stock price gained 0.160% on the last trading day (Tuesday, 2nd Jul 2024), rising from $18.78 to $18.81. During the last trading day the stock fluctuated 3.06% from a day low at $18.65 to a day high of $19.22. The price has been going up and down for this period, and there has been a 1.57% gain for the last 2 weeks. Volume fell on the last day by -3 million shares and in total, 3 million shares were bought and sold for approximately $52.23 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 10.00% during the next 3 months and, with a 90% probability hold a price between $16.81 and $22.31 at the end of this 3-month period.
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PENN Signals & Forecast
The Penn National Gaming stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $18.82. On a fall, the stock will find some support from the long-term average at approximately $17.30. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Thursday, June 20, 2024, and so far it has fallen -6.14%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Penn National Gaming stock
On the downside, the stock finds support just below today's level from accumulated volume at $17.50 and $16.54. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Penn National Gaming finds support just below today's level at $17.50. If this is broken, then the next support from accumulated volume will be at $16.54 and $15.00.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.570 between high and low, or 3.06%. For the last week, the stock has had daily average volatility of 4.54%.
Our recommended stop-loss: $18.13 (-3.61%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 22 days ago.)
Trading Expectations (PENN) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Penn National Gaming to open at $18.89, and during the day (based on 14 day Average True Range), to move between $17.82 and $19.80, which gives a possible trading interval of +/-$0.99 (+/-5.26%) up or down from last closing price. If Penn National Gaming takes out the full calculated possible swing range there will be an estimated 10.52% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $19.05 (1.28%) than the support at $17.50 (6.96%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Penn National Gaming stock A Buy?
Penn National Gaming holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: -0.114 Hold/Accumulate Downgraded
Predicted Opening Price for Penn National Gaming of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $18.89 ( 0.443%) | $18.81 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PENN
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 19.46 | 3.47% |
| R2 | 19.25 | 2.32% |
| R1 | 19.11 | 1.60% |
| Price | 18.81 | |
| S1 | 18.68 | -0.715% |
| S2 | 18.54 | -1.43% |
| S3 | 18.32 | -2.59% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 20.04 | 6.54% |
| R2 | 19.83 | 5.42% |
| R1 | 19.05 | 1.28% |
| Price | 18.81 | |
| S1 | 17.50 | -6.96% |
| S2 | 16.54 | -12.07% |
| S3 | 15.00 | -20.26% |
PENN Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 14, 2017 | Jun 14, 2017 | Jun 14, 2017 | $0.620 | 2.86% |
| 2 | Mar 09, 2017 | Mar 09, 2017 | Mar 09, 2017 | $0.620 | 4.25% |
| 3 | Jun 26, 2008 | Jun 26, 2008 | Jul 15, 2008 | $0.340 | 6.01% |
FAQ
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