Keep an Eye on CHK
March 24, 2008 1:39 PM
CHK needs to hold $42.15. If you can get long in the $43 range, you could trade it long on a risk reward trade here…. My exit point on anyhing long is below $42.15…. If it clears $44.37 it should pop up, at least temporariliy……I would rather buy cheaper here if possible…but unless the market slides overall…it looks like CHK won’t approach $43 today….maybe not even $43.50… I mentioned yesterday the trade on CHK was long today….
April 6, 2008 Update: It looks like $45.25 is near term key. If it can hold that here, it could make another run at $48 or so. If it cannot hold that, then another run at $42.15 appears likely. Natural gas price is probably key and it made a reversal off the high and then a run at the high failed. Therefore, the chart on nat gas looks shaky right now, at best. It looks like nat gas will make a run at $9.00 before $10.00, but that is what I see today…To convince me otherwise, I would need to see it get in the $9.75 range and hold for a few days.
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