CHK - Chesapeake Energy Corporation

Can't find the last Q they actually made money, selling assets is not going to add revenue, $4B held in reserve by Banks is telling...

 

Oil prices fall as short-covering rally fizzles, oversupply weighs

 

CHK is following a nice Uptrending STL since breaking out through the Downtrending RTL earlier this year. This is the first time in a long time that CHK is above all its MAs, though most notably is the 200 DMA. Now that the 200 DMA level corresponds with said STL @ 4.60, I think this is a key level for the future. In fact, the 50 DMA has also moved along this STL, furthering my belief that this is a critical level from a TA perspective. Important to note, the 200 DMA has yet to be tested (though the 50 DMA survived its test on CHK's most recent STL test) after the 20 DMA held up earlier this week -- preventing that 4.60 level from being tested. Given CHK's resistance @ the MAs, the fact they are now all underneath should result in some support for the time being -- barring any news out of the oil patch. If 4.60 does not hold, I see CHK re-testing it's Floor in the mid-3.50s as the next critical level. If the STL continues, then CHK is setting up for a long, slow Ascending Triangle with its current Ceiling around the 5.75s. IMHO, I think we'd need some significant news within, or affecting, the sector in order for CHK to break above its yearly high around 7.60s -- that's OK with me.

I am still in a microscopic-sized position of CHK with a basis in the mid 1.90s -- and recently sold 19 Aug Covered Calls @ 6.50, which appear to be doing just fine following the pullback mid-last week.

 

Triple moving average crossover (4/9/18) short term bearish move but give a few sessions this play out in favor.

 

$CMG looks like 400 will be crossing today with Chipotle and Starbucks aim for more happy hour traffic

 

Nice squeeze going on , always a little on this one for some reason, no position but looking to fade it above $6.25

 

I missed my buy on CHK a number of times but I did get my buy on WPX that I took profits on today.

Now that oil is near the top of the trading channel will it retreat, that is the question

 

I will play CHK differently this time around. I missed 2 buys when it was around $5 so if and when oil hits $40 again I will buy the calls and not the shares.

I could buy the shares but sometimes I am so tight with an entry point

 

I probably bought too early at $6.11 right at the bell yesterday.

 

You might have been ok, but oil turned down today. I am waiting to do any oil plays until Oil hits the bottom of the trading channel should it happen

 

CHK dropping on oil as there is a Class Action Against Chesapeake

 

CHK Spiking on Q3 Results

 

CHK up on oil popping up this morning. This was on my playlist if oil would have hit the bottom of the trading channel.

 

Playing CHK cause it's so beaten down? Also a play in natural gas?

 

Another screamer this morning on oil