Good evening everyone,
CHK is being on a huge downtrend for some years already, pretty much since 2014, the question is, how deep a stock can go?
The answer is, 0, of course, but what about new ATH's ? the answer is, infinite and beyond =)
This stock just rejected again the 1.80 support level from FEB/16 and now its being on a slighty uptrend (H4 chart).
In this 1-hour Elliott Wave analysis, we will have a look at the CHK stock.
Up from 02/09/18 low, CHK it’s proposed to be nesting higher, where it ended blue wave (1) at the peak of 02/23/18 (3.45) and blue wave (2) pullback at the low of 03/02/18 (2.76).
Up from that low, current view is suggesting that the stock is in a extend blue wave (3),...
The old follower @Abhimi4u asked me about a favor to make a chart analysis for CHK.
Before I start, often people enter the stock and then try to analyze it be it FOMO or other emotional trading type.
Avoid such trading style - market always moves and hence offers the everyday opportunity especially when we got the millions of stock names
so trade only when you are...
Similar to my CL1! and USOIL charts I posted yesterday. Chesapeake Energy formed a very similar structure. I would be interested to see how well these 3 charts correlate with one another. The charts I am referring to are found below.
Near term catalyst-
Bullish engulfing on 7/7
Bullish MACD crossing
Broken distribution trend line
RSI breaks out of over-sold conditions.
In the intermediate term, CHK still appears to be moving in a range. Based on the upper line, it looks like 14 will be an important area. It it breaks through 14, there is a gap at ~18.50 that may be filled. If it meets...