MainStInvesting
Long

$CHK Potential Breakout

BATS:CHK   CHESAPEAKE ENERGY CORP
188 2 0
CHK             is shaping up for a move out of an ascending right triangle. Currently stalling at the 200 day MA which is coinciding with resistance. It's in the sweet spot for a break above the $21 area as it's coiled about 75% to the apex of the triangle. Indicators are strong, and the weekly chart is also showing a decision point where major support and resistance intersect. Looking for a confirmed break above $21 with stop at $20 (a few ticks below the 200 day MA - algo's tend to overrun or slightly overshoot support and resistance levels in an attempt to shake out weak longs or shorts. Putting stops a bit out of these ranges helps to avoid this sort of pitfall).
Update:

RSI weakened and broke below 50. MACD turn down and appears to be headed lower. Testing bottom of triangle support on a gap lower. Momentum is failing and likely not going to pan out to potential. Even if price breaks out, it will likely be a false move. Potential support at 18.50 and beyond that 16.60.

Weekly chart also confirming waning strength. Since we never received a buy signal, nothing is lost. Other trades out there in much better shape.
Reply
Followed.
Reply
United States
United Kingdom
India
Deutschland
France
España
Italia
Polska
Türkiye
Россия
Brasil
Indonesia
Malaysia
ประเทศไทย
Việt Nam
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out