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Downgrade Alert for Chesapeake Energy (CHK)

By James Quinn

Chesapeake Energy (NYSE:CHK) was downgraded from Sector Perform to Underperform at RBC Capital today. The stock closed yesterday at $4.88 on volume of 56.5 million shares, above average daily volume of 41.8 million.

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 closed yesterday at $4.88, 225% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 1.6% while the 50-day MA has advanced 6.3%.

Potential upside of 73.0% exists for Chesapeake Energy, based on a current level of $4.88 and analysts' average consensus price target of $8.44. The stock should hit resistance at its 200-day moving average (MA) of $5.72, as well as support at its 50-day MA of $4.87.

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 recommended that its subscribers protect gains by selling shares of Chesapeake Energy on May 6th, 2016 by issuing a Downtrend alert when the shares were trading at $5.19. Since that call, shares of Chesapeake Energy have fallen 4.2%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: analyst upgrades/downgrades Chesapeake Energy

Ticker(s): CHK