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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.
CHK seems in the middle of a corrective phase. Good possibilities to complete a 3 wave correction.
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)? ...
Wait for daily breakout above 4.88
PUTs in for 4.50 to catch any downward movement (in since 4.64)
Currently positioned with a PUT option ending in a few months for sub-4.00
If it breaks 4.85 can be a buy
Looking for a few points higher on this puppy..
Long at $4.71
Rest all in chart.
Chesapeake Energy Corporation looks bullish__the target is $8.20 or much higher. Stop loss - any daily close below 4.17__ this trade is a long term bt i expect a possible jump from here.
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.
CHK has been on an impressive tear but looks to be forming a rising wedge on the daily and weekly charts. RSI is also approaching overbought territory. Hoping to see some pull back to the .382 area and will be looking to enter long around $4.65-$4.35 area. Upside potential here looks impressive.
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), ...
CHK - Ascending Triangle
Target to Break 5.00 level soon,