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

By David Diaz

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 $1.35 and $1.40 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.

In the past 52 weeks, Chesapeake Energ share prices have been bracketed by a low of $1.26 and a high of $3.94 and closed yesterday at $1.39, 10% above that low price. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has slid 1.4%.

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 has overhead space with shares priced $1.39, or 63.3% below the average consensus analyst price target of $3.78. The stock should find initial resistance at its 50-day moving average (MA) of $1.49 and further resistance at its 200-day MA of $2.19.

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