MoneyFlowTrader
Long

chk could re-test higher trendline if able to breakout

NYSE:CHK   CHESAPEAKE ENERGY CORP
71 2 3
stalking $chk w/ a 1/4 entry position. I'm looking for a retest of the weekly trendline w/ a stop at $5.53.. There is a possible bullish abc             pattern. details on chart
Comment: will be interesting to see if this can turn into a 1hr cup/handle pattern. If it breaks .382% fib line obviously not going to happen
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Comment: Will know by tomorrow rather late tonight if this wave count holds up
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Comment: ngas has been making a series of bull flag since the month of march
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Comment: AD (AB=CD) based on 15min chart AD could show a pop tomorrow to at least the 3.25 level in ngas on watch, Oil was beaten down close to C wave as well
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Comment: I was short oil and made note of this C-wave potential we are right at the trendline now. I'm anticipating oil to bounce over the next couple of days as long as trendline holds
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Comment: oil is still within trendlines, can it dip more sure can. But I remain bullish until I see trendline is actually broken
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Comment: The AD gave some insights to a possible bullish D-leg so after the retrace after forex open, looking for a follow through to at least the 3.25 level on ngas aka NATTY
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Comment:
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Trade closed manually
Trade closed manually
held up well despite oil sell-off...
+1 Reply
@rere04, 2nd day in a row it held up well considering how oil & NG are currently performing. Could be a big summer for NG, esp since seasonality favors it now
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