CHK - renewed strength

Whilst the main market saw minor weak chop, there was notable strength in Chesapeake Energy (CHK), which settled up a rather significant 2.1% @ $26.99. A new multi-week up cycle appears underway, primary target zone is 30/32.


CHK, daily

CHK, weekly

Summary

Suffice to say, CHK remains one of my favourite Nat' gas companies. It has seen some noticeable chop this year, but with underlying upside throughout.

Today's candle was a bullish engulfing candle, and bodes for further gains into September.

The $32 high from summer 2011 remains a very valid target.