Chesapeake Energy Higher Off Rally In Crude Oil
Chesapeake Energy (NYSE: CHK) shares are trading higher by $0.71 (10 percent) at $7.08 in Wednesday's session. It's one of many issues in the energy sector that is benefiting from the sharp appreciation in Crude Oil prices following the production cuts announced by OPEC.
Following a higher open, it retreated $0.19 and found support well ahead of the top of Tuesday's range ($6.42) to $6.74 before continuing its move higher.
It has crossed over the $7 level, as the current high stands at $7.11, which matches its October 21 high. If the rally continues, there may be additional resistance at the series of four highs at the $7.40 area from mid-September.
The issue is also attempting to post its first close over $7 since September 17, when it ended that session at $7.35.
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