CHK - still battling toward the $7s

Whilst the main market settled moderately higher, there was notable strength in some of the energy stocks. Chesapeake Energy (CHK) settled higher by a significant 3.0% @ $6.80. Next target remains the $7s. Any monthly close above the April high of $7.59 will give clarity that the 10/12 zone will be hit.


CHK, daily

CHK, monthly

Summary

Suffice to add...  relative to the recent oil weakness, CHK held up very well.

Current price action is especially strong, and the $7s are clearly within range in the immediate term.

Things get really interesting on any monthly close >$7.59.. as that would bode for a continued run to the psy' level of $10. Considering the speculative nature of the stock, a move to the $10s before year end seems very possible, as more bullish chasers will appear.

Something to reflect upon.... in summer 2014.. CHK was trading in the $29s.