CHK Analysis Update for 07.01.2007

Monthly chart shows selling at the current highs, with price closing below the open for the month of June 2007. We have a possible bearish gartley butterfly pattern for a sell signal pattern.

The weekly charts shows more clearly the sell signal pattern. This week, the price closed below the key LIS at the $35 area level (prior important high). Look for profit taking and a retracement of price to the $32 area level and possibly lower.

The daily chart shows price below the 8ema,34ema and the 50sma. Sellers came out this past week. Is it profit-taking, or start of a larger sell-off? Only time will tell. Current downside tgts: $32ish, $30ish, and test of $27.30 low.