Whilst the main market closed moderately higher, there was more significant strength in the energy sector. Chesapeake Energy (CHK) settled +4.7% @ $5.03. A break above $5.60 would be very bullish, and offer the $7s into the autumn. If the main market holds together across Sept/Oct, the $12s look probable by late spring 2017.
CHK cut a deal to escape a commitment of almost $2bn.
Story: see HERE
Price structure on the daily chart is a very clear bullish pennant.. that bodes for a test of the late April high around $7.
The giant monthly cycle highlights how the down wave from summer 2014 concluded in Feb' 2016. Price action is increasingly tight... a big move is coming. Based on oil, and the broader market, CHK looks set for considerable upside.