CHK Update: Mixed Bag Up Here, Range Bound Is Likely
May 2, 2008 10:10 PM
I said CHK was likely going to try and hold $48.60 on any checkdowns. Thursdays low was $48.90. So the push higher makes sense, along with the spike in energy. I would not be long here however as $55 is a big hurdle to be long in this range. It is an avoid on both sides, IMO.
Unless we get something major to move energy prices, i fully expect CHK to trade in a range for a time. If you recall, i said long CHK way back when near $44 BUT predicted it would trade sideways for an extended period…and it did for about 2 weeks. I expect a similar pattern here…and there is no reason to be either long or short the stock here.
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