I mentioned few days ago The Money Flow Trading System issued a buy signal on oil. Long position in oil was well timed. Because oil has turned bullish so have many of the oil sector stocks. I recently opened a position in CHK.
Stop around $5 long first lot $5.40 full position $5.60.
All indicators are bullish. The moving averages are all properly aligned 5,10,20. Nothing to do now but wait. I might be inclined to sell 1/10 of the position if the indicators become overbought. 10% move in 6 days can’t complain. On fundamental note CHK was recently upgraded with a $10 price target.
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