![]() It has a date with support at 55 cents and may well fall below it to continue the downtrend. The price is trending beneath falling 20-day, 50-day and 200-day moving averages. Daily Stock ChartĪs usual, the daily view echos the weekly but with more detail. That could spark hope of a sustained recovery, or at least a trade-worthy uptrend. Remain bearish until we break above weekly resistance at $1. The subsequent snapback, which carried Chesapeake stock into year-end was summarily stuffed, resulting in the beat down we find ourselves in the midst of right now. The weekly trend saw a surge in momentum during its last downswing, aided by a terrible earnings report. But so too is the chance that the stock gets cut in half yet again.Īnd that’s why I prefer to let the chart tell me when optimism is warranted, rather than a cheap stock price. The possibility of a 50% to 100% (or more!) rally is real. It is these prior bullish booms that make buying CHK down here so tempting. ![]() And the rebounds have proved futile, yes, but impressive nonetheless. It has been years in the making and punctuated by numerous recovery attempts. We begin, as usual, with a big picture view of Chesapeake’s demise. Source: The thinkorswim® platform from TD Ameritrade ![]()
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