(Check out Carter’s worthcharting.com for actionable recommendations and live nightly videos.) Smid-cap casino stock and operator of ESPN Bet, Penn Entertainment , is judged to be in the throes of a “bearish-to-bullish” reversal, exhibiting bullish price-volume correlation and impressive relative strength to the Russell 2000 Index and the S & P 500. A completion of the current bottoming-out process implies a move to the $26 +/- level, by our work. We’re buyers here. A Covid boom-bust stock, that lost 90% of its value in Feb-Mar 2020, dropping from $39 to $4… that then surged back (and then some), from $4 to $142 in 12 months… only to collapse once again, dropping from its March 2021 peak of $142 to a low of $13 last summer… PENN is the very definition of “high beta.” And yet, of late, the stock exhibits all the characteristics of a “bearish-to-bullish” reversal buy. And indeed we are buyers here, with $26 judged to be a reasonable intermediate price objective. DISCLOSURES: (None) All opinions expressed by the CNBC Pro contributors are solely their opinions and do not reflect the opinions of CNBC, NBC UNIVERSAL, their parent company or affiliates, and may have been previously disseminated by them on television, radio, internet or another medium. THE ABOVE CONTENT IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY . THIS CONTENT IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSITUTE FINANCIAL, INVESTMENT, TAX OR LEGAL ADVICE OR A RECOMMENDATION TO BUY ANY SECURITY OR OTHER FINANCIAL ASSET. THE CONTENT IS GENERAL IN NATURE AND DOES NOT REFLECT ANY INDIVIDUAL’S UNIQUE PERSONAL CIRCUMSTANCES. THE ABOVE CONTENT MIGHT NOT BE SUITABLE FOR YOUR PARTICULAR CIRCUMSTANCES. BEFORE MAKING ANY FINANCIAL DECISIONS, YOU SHOULD STRONGLY CONSIDER SEEKING ADVICE FROM YOUR OWN FINANCIAL OR INVESTMENT ADVISOR. Click here for the full disclaimer.
