Penn National Gaming Inc (PENN) continues to trend lower these days. The popular gambling stock was one of the hottest equities earlier this year. The stock topped out on March 15th, 2021 at $142.00 a share. Since that pivot high, the shares have steadily declined and currently trade around the $75.00 level. The stock is now trading below its important 50 and 200-day moving averages. This puts the stock in a weak technical position on the charts and signals further declines ahead.
The next major chart support level for Penn National Gaming Inc (PENN) is around the $63.00 area. This support level is where the stock staged an upside pivot reversal in November 2020 before breaking out to new all time highs. Often. When a stock retest their prior breakout points they will be defended by the institutional crowd. The stock also has a key retrace level just below that area adding strength to the support level.
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