glennmercer
Long

BUY CHK: Chesapeake Due for a Powerful Rebound

NYSE:CHK   CHESAPEAKE ENERGY CORP
CHK             has bounced at a very significant level of support. In May, 2012, the stock rebounded at .886XA and retraced to .786AB. The two reciprocal ratios for these fib levels are 1.13 and 1.272 respectively, which align precisely at the August 2015 low. There's also an ideal bullish Wolfe Wave setup that completed in an the optimal WW buy zone, which again aligns perfectly in the PRZ. MACD is bullish divergent and RSI is oversold as well. To add to the bullish bias, there are 7 missed monthly pivots sitting above price to help pull it upward.

Confluence in the PRZ:
1. 1.13XA (Reciprocal of .886XA at point B)
2. 1.272AB=CD (Reciprocal of .786AB)
3. 1.382BC
4. Ideal bullish Wolfe Wave buy zone
5. RSI Oversold
6. Bullish MACD Divergence

Thanks for viewing and don't forget to hit the thumbs up and follow for future updates and more trade ideas!
Ideas Scripts Chart
United States
United Kingdom
India
España
France
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Forex Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out