Chesapeake Corrective but High Risk
Chesapeake is currently on our radar with a rather messy corrective wave. There is a sell setup marked with the trend line which we would where we may short after a retest & rejection.
We probably won't though as there are concerns that it has already fallen very far! The other big us energy stocks still had a long way to go down which indicates to me the market has less confidence with this company relative to the others and therefore is a bigger risk of going bust than any of the others.
The better bet would probably to wait until there is a buy setup on that and if it's still around consider going long.
We probably won't though as there are concerns that it has already fallen very far! The other big us energy stocks still had a long way to go down which indicates to me the market has less confidence with this company relative to the others and therefore is a bigger risk of going bust than any of the others.
The better bet would probably to wait until there is a buy setup on that and if it's still around consider going long.
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