Long Position on PENN @ $35.00 on 5/22/2018 (Momentum)

Penn National Gaming, Inc. (PENN) owns and manages gaming and racing facilities, and operates video gaming terminals with a focus on slot machine entertainment.

The company operates through Northeast, South/West, and Midwest segments.

As of December 31, 2017, it operated 27 facilities in 17 jurisdictions, including California, Florida, Illinois, Indiana, Kansas, Maine, Massachusetts, Mississippi, Missouri, Nevada, New Jersey, New Mexico, Ohio, Pennsylvania, Texas, West Virginia, and Ontario, Canada. 

The company should benefit from lealized sports betting that the Supreme Court legalized recently. Shares have formed a bullish "cup and handle" and higher share prices are expected for this stock.

Entry Point: $35.00

Stop Loss: $33.25

Target Price: $38.50

52-Weeks Trading Range: $18.95 - $36.29

Updates

11/8/2018 11:19:47 AM

PENN closed at $22.11

Position closed on 11/8/2018 at price of $35.00 with a 0.00% gain in 170 days.

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