Long
BUY CHK: Chesapeake Due for a Powerful Rebound
CHK has bounced at a very significant level of support. In May, 2012, the stock rebounded at .886XA and retraced to .786AB. The two reciprocal ratios for these fib levels are 1.13 and 1.272 respectively, which align precisely at the August 2015 low. There's also an ideal bullish Wolfe Wave setup that completed in an the optimal WW buy zone, which again aligns perfectly in the PRZ. MACD is bullish divergent and RSI is oversold as well. To add to the bullish bias, there are 7 missed monthly pivots sitting above price to help pull it upward. Confluence in the PRZ:
1. 1.13XA (Reciprocal of .886XA at point B)
2. 1.272AB=CD (Reciprocal of .786AB)
3. 1.382BC
4. Ideal bullish Wolfe Wave buy zone
5. RSI Oversold
6. Bullish MACD Divergence
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