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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Chesapeake Energ (NYSE:CHK) based on the price action in the company's shares. Yesterday's price range of $0.71 and $0.80 is within the prior day'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. Traders and investors interested in shares of Chesapeake Energ may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Chesapeake Energ share prices have moved between a 52-week high of $3.78 and a 52-week low of $0.64 and closed yesterday at 18% above that low price at $0.75 per share. The 200-day and 50-day moving averages have moved 1.41% lower and 3.06% lower over the past week, respectively.

Chesapeake Energ has overhead space with shares priced $0.75, or 80.1% below the average consensus analyst price target of $3.78. The stock should find initial resistance at its 50-day moving average (MA) of $1.41 and further resistance at its 200-day MA of $2.12.

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.

SmarTrend is tracking the current trend status for Chesapeake Energ and will alert subscribers who have CHK in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle chesapeake energ

Ticker(s): CHK