How Far Can Penn National Go? Let’s Look at the Charts

Christel Deskins

Penn National Gaming  (PENN) – Get Report is one of the most enthralling stocks of 2020. Shares were beaten down to sub-$4 in March as investors worried about the company’s liquidity. On Friday, Penn stock hit a high $76.62, up more than 20-fold from its 52-week low of $3.75. Is that […]

Penn National Gaming  (PENN) – Get Report is one of the most enthralling stocks of 2020.

Shares were beaten down to sub-$4 in March as investors worried about the company’s liquidity.

On Friday, Penn stock hit a high $76.62, up more than 20-fold from its 52-week low of $3.75.

Is that the end of the run? While shares are bound to correct eventually and even as they are hitting a key retracement mark, analysts aren’t necessarily giving up on the name.

On Sept. 15, Penn stock received a buy rating and $75 price target from Craig-Hallum. Rosenblatt Securities recently assigned an $80 price target, while Stifel Nicolaus just slapped an $85 price target on the name, the highest on Wall Street.

If Penn were to climb to $85, it would represent another $12 of upside or 16.5%. The question is whether it can get there. Let’s look at the charts.

Trading Penn Stock

Because of the year-to-date range, the chart is not the most visually appealing. However, it is necessary to see the monstrous rally from the March lows and the breakout to new all-time highs in August.

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