Good spot to long $CHK if you are a Wyckoff student. This accumulation trading range has produced significant cause with conservative projected target of $24.
9 buying tests:
1. Downside price objective accomplished? Yes
2. Preliminary support, selling climax, secondary test? Yes
3. Activity bullish (volume increases on rallies and decreases on reactions)? ...
There is a nice pullback on the 200 daily SMA. In my experience the impact of the prices on the SMA can generate a reaction expecially with RSI under 20. Eventually the stock is long for me from this level. SL e TP are indicated in the graph.
27JUL2018, post market price close at 4.83 now, raise around 9.7%
Down sharp channel (Broken and adjustment completed)
1. A huge down sharp channel developed from 12DEC2016, this was broker at 8JUN2018. A techical adjustment completed until 4.38
2. Adjusted around 22% from 5.6, which equal to around 42% for the whole wave from 2.63 (21FEB2018) to 5.6(10JUL2018), ...
Shoot Star at the top - red
MACD showsnegative/downward trend
Stoch first signal oversold
Testing 20 day
Current ratio .5
Enter @ 5.35
R/R 3.93 ;)
4 hr Daily Weekly valid
Rumor is CHK sold some assets.
Looking for a huge bounce up if the rumor is true.
My Outlook / Position
CHK has had more than 4 qtrs of solid earnings and revenue.
I get the debt level but compare CHK to other stocks in the oil/gas industry, its dirt cheap!
Even with the debt, CHK should be trading upwards of $15 a share.