Penn National Gaming, Inc (NASDAQ: PENN)

Penn National Gaming, Inc. owns and operates gaming and pari-mutuel properties. It operates through East/Midwest, West, and Southern Plains segments. The company is involved in gaming and racing operations. As of December 31, 2014, it operated 26 facilities in 17 jurisdictions, including Florida, Illinois, Indiana, Kansas, Maine, Maryland, Massachusetts, Mississippi, Missouri, Nevada, New Jersey, New Mexico, Ohio, Pennsylvania, Texas, West Virginia, and Ontario.
Take a look at the 1-year chart of Penn (NASDAQ: PENN) below with my added notations:

PENN has formed a clear resistance at $17 (red) over the last 4 months. In addition, the stock has been climbing a trend line of support (green) since the middle of December. These two levels combined had PENN stuck within a common chart pattern known as an ascending triangle. Eventually, the stock will have to break one of those levels.

The Tale of the Tape: PENN is trading within an ascending triangle. A long trade could be made at the trendline support or on a break above $17. A break below trendline would be an opportunity to enter a short trade.
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