Resistance

Time

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>PENN stock price continues to fall and is trading near the 52-week low.</a> </li> 
 <li> <span>2</span> <a>PENN Entertainment Inc.’s stock price is in a downtrend.</a> </li> 
 <li> <span>3</span> <a>Short-term pullbacks in PENN shares are not sustaining higher levels.</a> </li> 
</ul> 
<p>PENN stock price is in a correction phase and continues to decline by forming lower low swings. It faced rejection from the upper band of the downward-sloping channel and formed a bearish pattern.&nbsp;</p> 
<p>PENN Entertainment Inc. stock tried multiple times to break out of the 50-day EMA. However, due to the strong presence of sellers, the breakout attempt kept on failing indicating the sellers’ dominance.&nbsp;PENN stock price has corrected a lot and is down by 23.64%. So a narrow range consolidation is a must for the base formation.&nbsp;</p> 
<p>If in the coming months, PENN’s share price begins to consolidate in a range between $21.00 to $24.00, then it might be an indication that the downfall has taken a halt and buyers are available at lower levels.&nbsp;</p> 
<p>The stock is trading below the 50-day and 200-day EMAs and is stuck in a downward-sloping channel. So, until buyers are able to break the upper range the possibility of the bullish trend reversal is low.&nbsp;</p> 
<p>At present fresh buyers looks reluctant to build long position which is a matter of concern. PENN Entertainment Inc.’s share price closed the previous session at $22.35 with an intraday drop of 1.59%.</p> 
<h2 class="wp-block-heading" id="strong-will-penn-stock-price-break-the-downward-channel-strong"><strong>Will PENN Stock Price Break the Downward Channel</strong></h2> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large">
  <img decoding="async" loading="lazy" width="1024" height="434" src="https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-62-1024x434.png" alt="" class="wp-image-173294" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-62-1024x434.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-62-300x127.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-62-768x325.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-62-1536x651.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-62-750x318.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-62-1140x483.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-62.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   NASDAQ: PENN daily chart by <a href="https://www.tradingview.com/x/WEIxpslU/">TradingView</a>
  </figcaption>
 </figure>
</div> 
<p>PENN stock price continues to fall and erodes a big portion of its market capitalization. Meanwhile, the broader market indices and gaming industry companies are is in sellers’ radar. So any short-term pull-back rallies might face difficulty in holding the higher levels.&nbsp;</p> 
<p>Till PENN Entertainment Inc. <a href="https://www.thecoinrepublic.com/2023/09/15/penn-stock-forecast-can-nasdaq-penn-stock-thrust-upwards/" target="_blank" rel="noreferrer noopener">stock price</a> trades below the $26.00 level. It is expected to remain in the bears’ grip. However, if any buyers succeed in breaking the $26.00 hurdle then we may expect a bullish trend reversal.&nbsp;</p> 
<p>The analysis suggests that <a href="https://www.thecoinrepublic.com/2023/09/15/penn-stock-forecast-can-nasdaq-penn-stock-thrust-upwards/">PENN Entertainment</a> share price is in a downtrend and no signs of upside reversal are visible.</p> 
<h3 class="wp-block-heading" id="strong-penn-entertainment-stock-price-bearish-on-multiple-time-frames-strong"><strong>PENN Entertainment Stock Price Bearish on Multiple Time Frames</strong></h3>  
<div class="tradingview-widget-container"> 
 <div id="tradingview_b33a2"></div> 
 <div class="tradingview-widget-copyright">
  <a href="https://www.tradingview.com/" rel="noopener nofollow" target="_blank"><span class="blue-text">Track all markets on TradingView</span></a>
 </div> 
 <script type="text/javascript" src="https://s3.tradingview.com/tv.js"></script> 
 <script type="text/javascript">
  new TradingView.widget(
  {
  "width": 950,
  "height": 500,
  "symbol": "NASDAQ:PENN",
  "interval": "D",
  "timezone": "Etc/UTC",
  "theme": "light",
  "style": "1",
  "locale": "en",
  "enable_publishing": true,
  "allow_symbol_change": true,
  "studies": [
    "STD;Supertrend"
  ],
  "container_id": "tradingview_b33a2"
}
  );
  </script> 
</div>  
<p>PENN stock price formed a bearish pattern on multiple time frames. The price action favors the bear so it’s better to avoid creating any bullish positions at current levels.&nbsp;</p> 
<p>The MACD curve is below the zero line but sloping sideways indicating prices might consolidate for some time. The RSI 43 denotes weakness but if the price declines further then it may test the oversold territory.&nbsp;</p> 
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4> 
<p>PENN stock price is in a downward-sloping channel and sellers are continuing their dominance. The analysis suggests that if PENN Entertainment Inc.’s stock price consolidates for some time then it will be an indication of base formation. However, as of now price structure is weak and no signs of reversal are visible.&nbsp;</p> 
<h4 class="wp-block-heading"><strong>Technical levels</strong></h4> 
<ul> 
 <li>Resistance levels: $26.00 and $29.00</li> 
 <li>Support levels: $20.00 and $18.00</li> 
</ul> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.</p>

PENN Stock: PENN Stock Price Is In A Downward Sloping Channel

Table of Contents

Thecoinrepublic.com

Other articles published on Oct 4, 2023

Valuasi Pasar Kripto Amblas, Bitcoin Gagal Melesat

Meta to trim staff in metaverse division amidst restructuring

Crypto hacks and scams grew by over 150% in Q3 2023: Immunefi report

Black Box to Showcase AI-Enhanced Solutions for Unified Customer Experience at GITEX GLOBAL

XRP Price Analysis: Ripple Price On The Verge Of A Breakout as Golden Cross Approaches?

Under $100 Million Crypto Bullrun Gem | Radiant (RDNT)

Join our free newsletter for daily crypto updates!