Whilst the broader market closed broadly higher, there was hyper strength in Chesapeake Energy (CHK) which settled higher by an extreme 34.7% @ $6.06. There is immediate resistance at the 200dma of $6.12, any break above there would open up the $9/10s.
With WTIC oil in the $42s, the energy stocks were capturing an extra strong bid today.
Notably, with recent news that CHK will maintain (at least in the short term) its $4bn line of credit, the stock is drawing in the bullish chasers.
From a pure perspective, the giant monthly cycle is offering a bullish MACD (green bar histogram) cross in 2-5 weeks.
From a fundamental perspective, it is hard to believe energy prices has seen a definitive floor. If Oil/Nat' gas see renewed downside into the summer/autumn, stocks like CHK will break new lows.
*no position, and I'd rather just get some matches and burn some dollars, than waste time/energy in going long CHK. The company still looks set to disappear.