Technical Charting Set-up for Trading the $CHK Chesapeake Energy Move
Yesterday, we posted a $CHK alert in premarket based on positive earnings (see bottom of post).
At the time of the alert, Chesapeake was trading premarket at 2.82, up 7%, ending the session up 21.67% at 3.20.
In early trade Friday, $CHK intra-day is trading 3.22 just up and off premarket highs of approximately 3.45.
The chart structure (your trade set-up)….
Here is the basic structure of the $CHK chart set-up for swing trading the move.
Swing Trading the Move:
Long to first price target 3.53 if trend continues to 3.62 and so on (see horizontal support and resistance on chart).
Further swing extension price targets possible are 4.15 and 4.58.
OR if price fails;
Short to 2.75 in a downtrend.
Yesterday’s Post:
$CHK 4.17 PT on possible reversal if upside channel breaks.
$CHK 4.17 PT on possible reversal if upside channel breaks. by curtmelonopoly on TradingView.com
Trading 2.82 premarket up 7% on earnings . “Chesapeake’s profit tops estimates on higher output, prices”: https://finance.yahoo.com/news/chesapeakes-profit-tops-estimates-higher-124155507.html?.tsrc=rss
Watch for possible upside target should Chesapeake price action break down channel resistance.
Watch for MACD continuation to bullish side.
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