Positive divergence continues to build on the daily DMI and is...

Positive divergence continues to build on the daily DMI and is showing very clearly. The RSI is also showing an oversold condition.

Yesterday was not a day to sell but buy.

This is now positioning for a bounce to around the $3.23 area where it will also meet up with the 22 EMA line.

If it can hold the 22 EMA line for more than 3-4 days when it gets there, it can then go to $3.34 area (50 day MA and to the level where it broke down from-last November low of $3.34).

The ultimate bottom is yet to come. I believe we are now in a zone that is close to the bottom and likely 10% from it.

Just need to be patient as this is slow moving TLS. But already, we are seeing the infancy of positive divergence on the monthly DMI and RSI (lower chart). A long term uptrend is brewing, but very slowly and seems it can still be off by several more months in which time, $3.00 and $2.70 is possible. Once the process is complete, this will then recover to $4.00 and longer term $5.00.

Until then, just take the next very probable 2 x or 3 x 0.11c dividends (.22c, 0.33c).

People see the break up of the dividend into 2 components of ordinary and special as a negative and being very spooked by its two component presentation. Many thinking the special is quoted now because it is designed to be taken away later. But not many have considered that it may be presented in this way for the purpose of the special component to be adjusted to something higher later. If this were to happen, it sure would look good for Penn. And we all know Penn needs to do something that looks good.