Hello Traders, 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. Best, Chartistry
I believe that right now that CHK is a great buy. In a long term state of accumulation. Also in accumulation on the daily chart.
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...