CHK- An important intraday level (71.35)

CHK was a great trading stock today. Proudly I can announce that are young traders killed CHK today. And CHK was particularly profitable trading the stock off of an important intraday level today at 71.35. CHK was up a ton and then started to show weakness. After the oil number was announced CHK failed at the 72 level, traded lower to 71.35 where ISLD held the offer after being test for size. A ton of volume was done at 71.35. If you were watching this stock trade you would have recognized that more volume was done at 71.35 than at any other price right after the number was announced.

There was a great short opportunity when 71.35 held the offer the first time, a few great trades long when CHK held above 71.35, a great short when 71.35 could not hold, and a great short when CHK traded from 69.33 to 71 and slowed. 71.35 was your level to trade off of in CHK today. Look for these levels. Get short if the resistance level holds and get long if the resistance level is broken. This is a play you should all have in your trading playbook. As we like to say, “It’s the volume, stupid!” And well done by the SMB new traders!

2 Comments on “CHK- An important intraday level (71.35)”

sharetipsinfo

07.17.2008 at 8:14 am

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We require 2-3 days positive closing else nifty can crash. Political issues are also hampering market along with inflation and crude oil price. Major support for Nifty is 3650 and Resistance is 4300. Nifty will remain range bound overall trend will be bit bearish in coming days.

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