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Possible Bearish Inside Day Candle Pattern Detected for Chesapeake Energ (NYSE:CHK)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Chesapeake Energ (NYSE:CHK) based on the price action in the company's shares. Today's price range of $3.22 and $3.31 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Chesapeake Energ may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Chesapeake Energy Corporation produces oil and natural gas. The Company's operations are focused on discovering, developing and acquiring conventional and unconventional natural gas reserves onshore in the United States.

Chesapeake Energ share prices have moved between a 52-week high of $5.60 and a 52-week low of $1.71 and are now trading 88% above that low price at $3.22 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 2.1% while the 200-day MA has slid 0.5%.

There is potential upside of 17.4% for shares of Chesapeake Energ based on a current price of $3.22 and an average consensus analyst price target of $3.78. Chesapeake Energ shares should encounter resistance at the 200-day moving average (MA) of $3.74 and support at the 50-day MA of $2.79.

SmarTrend recommended that subscribers consider buying shares of Chesapeake Energ on January 7th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $2.35. Since that recommendation, shares of Chesapeake Energ have risen 39.0%. We continue to monitor CHK for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle chesapeake energ

Ticker(s): CHK