Chesapeake Energy Corporation Stock Forecast

Chesapeake Energy Corporation stock upgraded from Buy Candidate to Strong Buy Candidate after Wednesday trading session.
(Updated on Apr 24, 2024)

CHK Signals & Forecast

The Chesapeake Energy Corporation stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $88.13 and $86.87. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, April 17, 2024, and so far it has risen 4.06%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

Support, Risk & Stop-loss for Chesapeake Energy Corporation stock

On the downside, the stock finds support just below today's level from accumulated volume at $83.85 and $83.47. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Chesapeake Energy Corporation finds support just below today's level at $83.85. If this is broken, then the next support from accumulated volume will be at $83.47 and $83.35.

In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $2.83 between high and low, or 3.22%. For the last week the stock has had daily average volatility of 2.13%.

Our recommended stop-loss: $86.50 (-4.62%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 5 days ago.)

Trading Expectations (CHK) For The Upcoming Trading Day Of Thursday 25th

For the upcoming trading day on Thursday, 25th we expect Chesapeake Energy Corporation to open at $89.83, and during the day (based on 14 day Average True Range), to move between $88.84 and $92.54, which gives a possible trading interval of +/-$1.85 (+/-2.04%) up or down from last closing price. If Chesapeake Energy Corporation takes out the full calculated possible swing range there will be an estimated 4.07% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ $83.85, some $6.84 (7.54%) from the current price of $90.69, our system finds the risk reward attractive.

Is Chesapeake Energy Corporation stock A Buy?

Chesapeake Energy Corporation holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.

Current score: 7.004 Strong Buy Candidate Upgraded

Predicted Opening Price for Chesapeake Energy Corporation of Thursday, April 25, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.