The Long Investor

$PENN - RC -

Added 2023-07-07 22:27:38 +0000 UTC

There is potential for a bounce here as $PENN is getting tight into this wedge too which is also inside another descending wedge....both wedges are bullish formations.

We said that the blue line would make this bearish and so far the price has not broken out above this line yet, if it does break out, it will mean that it will simultaneously break out of the wedge and likely get above the 50 Day MA too, which in one move, would break through three resistance levels....so this is a bullish move.

The downward trend is due to $PENNs growth concerns, if they can turn this around, there is a lot of upside. We can also see here, as with the $PFE chart, the wedge apex brings this exactly to the earnings report date in August.