Sell Bank of Americ...
Open Question
Question for the chartists- Looking at a 3 month historical chart of CHK.
Would it be safe to say it has support at about $14 and resistance at about $19?
If it goes above $19 with increased volume... big indicator it has room to go,
correct? Read "Technical Analysis for the Rest of us", which was basic but good
for fundamentals. Any suggestions of more technical analysis books would be most
appreciated. "Reminiscences of a stock operator" was great... thanks Ryan.
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I can’t tell you from the charts whether Chesapeake Energy (CHK) has a support
level. But at 7.3 times this year’s estimated earnings, it is a stretch to
imagine it going much lower. Although this year’s estimated net of $2.12 per
share is down from $2.62 in the latest complete fiscal year, the consensus among
analysts is that CHK’s per-share profit will recover to $2.80 next
year—placing its price at 5.5 times that estimate.
With crude oil now climbing north of $50 per barrel, demand for natural gas
should be firm. Although TheStreet.com Ratings quantitative evaluation model
currently assigns CHK a weak “hold” recommendation, there is little evidence
in Chesapeake’s fundamentals to indicate weakness.
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Why higher...what's the basis?
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Excellent point, Ryan. I like it higher as well. When Nat Gas bottoms...CHK
will trade like a champ.
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CHK? im gonna go up a bit higher on the resistnace, im gonna go to 20. id like
to see it clear 20 first. support level 13.2 is where it cant really break below
IMO.
dean, i think id look at some of the oil stocks and how they bottomed before the
commodity. certainly nat gas continuing to fall would be problematic, but
perhaps (as with oil) the stocks are predicting that it turns.
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If I was putting on CHK, I would use a stop under the 50 DMA, around $15. The
only thing I don't like about the Nat Gas stocks right now is the fact that the
commodity hasn't found the bottom yet. The chart looks good, but with declining
gas prices the upside could be muted. Dean
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