I am holding a short-term bearish outlook on Chesapeake Energy Corporation in response to a few technical indicators. 1. Large selling volume that occurred first thing yesterday morning. 2. Nearing a bearish MACD crossover on the 1hr time frame. 3. Possible descending triangle pattern forming on the 1hr time frame. Still a novice to identifying chart patterns so that may not be totally accurate.
Things against this short view that I see: 1. A slight positive divergence in the MFI on 1hr time frame. 2. Price does not appear to be overextended. 3. Overall bullish context for CHK as of now.
CHK is still in an overall bullish context so this short idea is only for the short-term.
Things to note: I'm still a novice to technical analysis and the trading world (>1 years experience), would only be paper trading this as I'm still learning.