Tuesday, 16 August 2016

CHK - breaking up and away

Whilst the main market closed moderately weak, there was notable strength in Chesapeake Energy (CHK), which settled +7.1% @ $5.89, the best level since early May. Near/mid term outlook is bullish, with first target of $7. If the main market continues to broadly climb into spring 2017, CHK will likely be close to $12.

CHK, daily

CHK, monthly


Recent short term price structure was a very large bullish pennant.. and we've seen CHK break to the upside.

Next target is the April 28'th high of $7.59.

Mid term.... the psy' level of $10... but equally so.. $12.