Friday, 9 May 2014

CHK - strong weekly gains

With earnings coming in fine, Chesapeake Energy (CHK) built very significant net weekly gains of 5.4%, settling @ $29.81. If the big $30 threshold can be broken through, there is open air to $31 to $34 within the next few weeks.

CHK, daily

CHK, weekly


CHK saw some pretty wild price action when earnings were released this past Tuesday, but overall, the broader up trend is continuing.. as especially seen on the weekly chart.

An attempt to take out the July 2011 high of the $34s appears just about viable by late May/early June.

*I remain long CHK from the $29.20s, and will consider an initial exit in the $30.25/50 zone next Monday.