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CHK Resistance & Unofficial Target Hit & Then Some

$5.00 resistance/unofficial price target on CHK was just hit. Pullback is likely although the stock could punch up through that horizontal resistance + downtrend line any day now, possibly today. I just sold all shares but will keep this one on my radar for another possible long entry.

CHK daily April 12th

CHK daily April 12th

Should CHK breakout, any or all of the horizontal lines overhead are likely price targets. CHK is now trading at 5.12 as I type, above both the horizontal resistance & the downtrend line. Just keep in mind that intraday overshoots of resistance when the momentum is very strong as it current is with CHK is not uncommon. Therefore, a solid close above the downtrend line/$5.00 level would greatly increase the odds that this breakout sticks.

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Apr 12, 2016 9:41am|Categories: Equity Market Analysis|Tags: |4 Comments

4 Comments

  1. ben711 April 12, 2016 10:05 am at 10:05 am

    exploded. One of the biggest nat gas companies in the US, trades like penny stock 🙂

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  2. Eric K April 12, 2016 12:08 pm at 12:08 pm

    Great trade Randy. I’d like more of those please! 🙂

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    • rsotc April 12, 2016 12:40 pm at 12:40 pm

      Eric: You & me both! No worries, the next big winner is always right around the corner. I’m sure there are some more CHK’s lying around in the energy sector, waiting to explode. Just wrapped up another video on the shippers. They still have a bit of work to do but could be next up on deck for the hot sector de jour. Congrats if you caught CHK.

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      • Eric K April 12, 2016 12:59 pm at 12:59 pm

        I got in late at $4.29 but still had 7:1 R/R and 34% ROI! And as I write this it’s still pressing higher. Thankful for what I have. I should probably walk away from the computer for the rest of the day before I plunge into those shippers.

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