Trade-Ideas LLC identified

Pinnacle Entertainment

(

PNK

) as a "water-logged and getting wetter" (weak stocks crossing below support with today's range greater than 200%) candidate. In addition to specific proprietary factors, Trade-Ideas identified Pinnacle Entertainment as such a stock due to the following factors:

  • PNK has an average dollar-volume (as measured by average daily share volume multiplied by share price) of $46.1 million.
  • PNK has traded 1.2 million shares today.
  • PNK traded in a range 359.3% of the normal price range with a price range of $3.71.
  • PNK traded below its daily resistance level (quality: 14 days, meaning that the stock is crossing a resistance level set by the last 14 calendar days. The resistance price is defined by the Price - $0.01 at the time of the signal).

Stocks matching the 'Water-Logged and Getting Wetter' criteria are worthwhile stocks to watch for a variety of factors including historical back testing and volatility. Trade-Ideas targets these opportunities because the stock is exhibiting an unusual behavior while displaying negative price action. In this case, the stock crossed an important inflection point; namely, "support" while at the same time the range of the stock's movement in price is twice its normal size. This large range foreshadows a possible continuation as the stock moves lower.

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More details on PNK:

Pinnacle Entertainment, Inc. owns, develops, and operates casinos and related hospitality and entertainment facilities in the United States. Its Midwest segment operates Ameristar Council Bluffs, Ameristar East Chicago, Ameristar Kansas City, Ameristar St. PNK has a PE ratio of 29.

The average volume for Pinnacle Entertainment has been 513,600 shares per day over the past 30 days. Pinnacle Entertainment has a market cap of $2.1 billion and is part of the services sector and leisure industry. The stock has a beta of 1.31 and a short float of 4.3% with 1.93 days to cover. Shares are up 51% year-to-date as of the close of trading on Friday.

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