Look for Shares of Chesapeake Energy to Potentially Pullback after Yesterday's 2.38% Rise
Chesapeake Energy (NYSE:CHK) traded in a range yesterday that spanned from a low of $6.62 to a high of $6.85. Yesterday, the shares gained 2.4%, which took the trading range above the 3-day high of $6.70 on volume of 41.0 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
In the past 52 weeks, Chesapeake Energy share prices have been bracketed by a low of $1.50 and a high of $16.98 and are now at $6.70, 346% above that low price. 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 recommended that subscribers consider buying shares of Chesapeake Energy on June 8th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $4.99. Since that recommendation, shares of Chesapeake Energy have risen 30.8%. We continue to monitor CHK for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
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