Saturday, May 19, 2007

CHK Analysis for 05.19.2007

Monthly chart shows support off the $26.50 area. After a year of consolidation in a narrow range, early buyers stepped back into the stock January 2007. Current resistance is at the key LIS and prior high at the $35.12 area.

Weekly chart shows more clearly 5 waves within a trading range. Price currently above all the moving averages, including the 8ema, which is now acting as support.

Daily chart shows buying last 3 days of past week. Prior gap above now closed. Look for upside momentum to carry price to test the high of $40.20 made in October 2005.

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