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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Chesapeake Energy (NYSE:CHK) based on the price action in the company's shares. Today's price range of $4.52 and $4.62 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. Traders and investors interested in shares of Chesapeake Energy may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Potential upside of 85.1% exists for Chesapeake Energy, based on a current level of $4.56 and analysts' average consensus price target of $8.44. Chesapeake Energy shares should first meet resistance at the 50-day moving average (MA) of $4.87 and find additional resistance at the 200-day MA of $5.72.

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 Energy share prices have moved between a 52-week high of $16.98 and a 52-week low of $1.50 and are now trading 204% above that low price at $4.56 per share. Over the past week, the 200-day moving average (MA) has gone down 1.6% while the 50-day MA has advanced 6.3%.

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

Keywords: bullish inside day candle Chesapeake Energy

Ticker(s): CHK