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CHK Gives Back Entire Breakout Move

October 2nd, 2008 at 8:00 am by AndyAskey

Chesapeake Energy (CHK) has given up the all the gains of the breakout from the Oct05-Feb08 range. Price looks to me as if it will hit the upper right hand corner of the box in several weeks which is at the Oct05 high.

CHK Chart

Natural gas price is just below the 50% retrace line of the 2001-2006 move.  Price at this point is in a good position for a bounce that will most likely lift CHK at the same time.

Natural Gas Price Chart
Charts courtesy of Stockcharts.com

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