Thoughts on CHK
CHK on the weekly of course descending triangle
But has actually been trading within a nice little range
The range is 562 points its aiming mind way, around 5.10 because its near these lows it's definitely going to need some work to push this thing up. Gotta nice harmonic pattern setting on the daily chart but its gotta push through $3 and then you'll have shorts waiting near 3.49 to compete with. Now is a good time to buy but you will likely have some drawdown because price may want to close that gap before it pushes up and then you'll likely see a break of $3 then a retest at $3 before it makes the 2nd move up. You will also need to consider the trendline from the weekly and daily which you may see some reject to the down side there as well. The recent move was 131 points and its retrace to the 50% mark and started to push if the move measures out the same 131 points up is 3.63 which lines up with you entering now and seeing rejection between 3.49-3.63.
Daily Markup:
Weekly Markup:
But has actually been trading within a nice little range
The range is 562 points its aiming mind way, around 5.10 because its near these lows it's definitely going to need some work to push this thing up. Gotta nice harmonic pattern setting on the daily chart but its gotta push through $3 and then you'll have shorts waiting near 3.49 to compete with. Now is a good time to buy but you will likely have some drawdown because price may want to close that gap before it pushes up and then you'll likely see a break of $3 then a retest at $3 before it makes the 2nd move up. You will also need to consider the trendline from the weekly and daily which you may see some reject to the down side there as well. The recent move was 131 points and its retrace to the 50% mark and started to push if the move measures out the same 131 points up is 3.63 which lines up with you entering now and seeing rejection between 3.49-3.63.
Daily Markup:
Weekly Markup:
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