$CHK Potential Breakout

BATS:CHK   Chesapeake Energy Corporation
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).


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