CHK Consolidation Breakdown

By July 21, 2012 Chart Analysis No Comments

CHK Consolidation Breakdown

On July 10th CHK fell from $20.25 to $18.60 level. Next six sessions it tried to consolidate and move upward as shown by small candles enclosed in the circle. However, on July 19th CHK started moving down with good volume. Trade alert to Swing Options Trading members were sent to buy Aug 18 Puts for 94 cents. On July 20th, CHK accelerated downward towards its 50-day moving average. When CHK hit 50-day moving average members were sent an alert to lock gains of 81%.

Chart shown below:

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