Courtesy of Benzinga.
Chesapeake Energy Corporation (NYSE: CHK) shares are trading lower by $0.45 (6 percent) at $.6.47 in Monday’s session.
The new is no specific news to account for the decline. Instead, it may be following the retreat in the broad market as well as the selloff in Crude Oil futures prices.
After putting in a pair of highs on January 25 ($7.26) and January 26 ($7.29), the issue lost the $7.00 level on January 27, ending that session at $6.92.
Following a weak open, it was unable to regain that closing price peaking at $6.86 and then resumed its move lower. It has continued to make lows for the day, with current one standing at $6.41.
Perhaps the issue is attempting to fill its void in price from its November 29 session, when its daily high was $6.41. The following day, it opened above that level and ended that session at $7.00.
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