CHK has broken channel support which is an undeniable bearish sign. However, we are forming a falling wedge at support and the chart is showing that CHK could possibly rally. My first target is the broken channel support, and if we can break that than this stock could be in for a big rally. If we did break the channel support than I would be looking for a new high to be set above 7.59. I'm waiting for confirmation and making sure that price doesn't break the low of 4-05.
Trade closed: target reached
