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Chesapeake Energy Underperforming Year-to-Date

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Shares of CHK have been consolidating in a rectangle formation since early November.

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Today's chart is of Chesapeake Energy (NYSE:CHK), which engages in the acquisition, exploration, development, and production of natural gas and oil properties in the United States.


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What I Am Looking At:
  • Energy sector slightly underperforming S&P 500 (INDEXSP:.INX) year-to-date.
  • CHK also underperforming year-to-date (+1%) and year-over-year, down nearly 25%.
  • Monthly trend remains down.
  • Shares have been consolidating in a rectangle formation since early November, trading between $16 and $18.
  • A number of overhead moving averages just above $18 could provide resistance.
  • Past few days have seen call adds at the 17.5-strike price which could pressure shares lower.
  • Call buying has been dominant during the past 10 days as the 10-day call/put ratio is 3.44.
  • Peak put open interest for the January series resides at the 15-strike, a move below support could be attracted to this level.
  • Short interest is near multi-year highs as 16% of the float is sold short.
  • Nearly 8 days for shorts to cover themselves.
  • 17 out of 26 analysts who cover CHK rate the shares a "hold."
  • Ex-dividend date is January 11, 2013.
This article by Tony Venosa, CMT, was originally published on Schaeffer's Investment Research.

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Twitter: @schaeffers
No positions in stocks mentioned.
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