CHK finds buyers at key support level


Chesapeake Energy (CHK) Technical Analysis Report for Aug 10, 2018 [< 1 min read]
Highlights
CHK finds buyers at key support level
CHK ends the day on a bullish note closing near the high of the day
CHK stuck within tight trading range
CHK closes within previous day's range after lackluster session
TQ Sentiment
Report Sentiment: 33% Bullish
Technical Forecast:
Overview

CHK ended the week 4.48% higher at 4.66 after gaining $0.03 (0.65%) today. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for CHK
Volatility

Friday's trading range was $0.12 (2.61%), that's below last trading month's daily average range of $0.22. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being below average. Prices continued to consolidate within a tight trading range between 4.55 and 4.72 which it has been in now for the last three days.

Support/Resistance

After trading as low as 4.55 during the day, the stock bounced off the key support level at 4.55. The failure to close below the support could increase that levels importance as support going forward. Prices are trading close to the key resistance level at 4.72.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

Buying might speed up should prices move above the nearby swing high at 4.72 where further buy stops could get activated.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Chesapeake Energy
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
Bullish Harami Candle TQ Pro Members Only
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