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Chesapeake Energy (CHK) Continues Downtrend

Chesapeake Energy (CHK) has been bearish in 2017, and remains that way as it broke into a new low on the year during the 8/7 session. 

Chesapeake Energy (CHK) Daily Chart

(click to enlarge)

Bearish Mode:
- In the previous update on CHK, I noted that the stock's price action suggested further downside.
- Price did eventually break below that March low, and then immediately consolidated roughly between 4.40 and 5.12.
- After a couple months between that range, price is now moving lower again.
- The common support around 3.60 is in sight and is the next critical support level. 
- If there is a pullback, watch out for resistance around 4.60-4.70.