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Strong Sell Alert On Penn National Gaming

Shares of Penn National Gaming (PENN) are trading up over 7% on the day. However, the chart signals a strong sell alert on PENN. This is a multi-factor trading that includes an RSI nearing 76. The most important factor is the perfect measured move. The high from February 2020 was $39.25 and the low in March 2020 was $3.75. That is a drop of $35.50. If you take that $35.50 (the different from the high to the low) and add it to the high of $39.25 from February 2020 you get $74.75. The high today was $74.73. Measured moves are important when finding major tops and bottoms on stocks. This is a classic strong sell alert on Penn National Gaming.

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