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CHK Clears $55 …And Spikes Higher

May 6, 2008 10:37 PM

As I posted yesterday about firm numbers that the traders watch for, $55 was it on CHK. Once it pushed through it, the odds were very high it was going to spike higher on buying and/or short covering. It did. It made a high of $57.20 today before srttling at $56.92. The trade was long once it cleared and would have been an easy “free” dollar.

I had mentioned that CHk was likely to try and hold $48.60, it made a low of $48.90 a few days ago. Oil prices have obviously caused virtually all energy stocks to take off. CHK would have almost certainly have traded sideways for an extended period if that had not happened, as I mentioned. News and outside developments can and will “blow up” what should or is likely to happen.

Written by Tom@StockBlade.com · Filed Under CHK 

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