Fan Yang
2
All posts from Fan Yang
Fan Yang in Fan Yang,

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.