Chart Patterns & Algorithmic Trader (Aug. 24, '20) (63)
PENN Cup & Handle Pattern
s
Reviewed in CPAT
Penn National Gaming (PENN) has formed a Cup and Handle pattern on its daily chart
and trading above the breakout level of $39.28. C&H patterns are valid only when price
closes above the breakout level. A long trade is entered above the breakout level with
a stop placed below the lowest low of the mid cup $21.47, and the handle low $26.91.
Targets are placed at $52.64, $61.1 to $67.0 74.6 and $84.2 to $96.6.
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