CHK closes below its opening price unable to hold early session gains
Chesapeake Energy (CHK) Technical Analysis Report for Sep 14, 2018
Moving lower for the 2nd day in a row, CHK ended the week -0.74% lower at 4.00 after losing $0.01 (-0.25%) today. Today's closing price of 4.00 marks the lowest close since May 16th. Trading $0.05 higher after the open, Chesapeake Energy was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Friday's trading range was $0.11 (2.74%), that's below last trading month's daily average range of $0.15. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.
While still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Buying might accelerate should prices move above the nearby swing high at 4.14 where further buy stops could get triggered.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
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