In the news again -- Chesapeake Energy (CHK) has been in a downtrend since the middle of 2014 and there is no reversal in sight. Maybe some throw-in-the-towel selling but not a reversal.
CHK has been cut in half, and half again, and again (see the chart above). The slope of the 50-day moving average has been down, and when it hasn't been down, it has been sideways. The On-Balance-Volume (OBV) line has been weak -- no surprise that sellers have been more aggressive. The 200-day average has been pointed down all year. Earlier this month there was a spike in volume to over 100 million shares, which could have been capitulation by die-hard bulls finally throwing in the towel.
In this very short-term chart of CHK we can see the heavy volume day. Maybe the bottom, maybe, but a lot more evidence is needed. Price and the OBV line improved subsequently.
In this point and figure chart, above, we can see the persistent downtrend and the intraday price reversals. Notice the area of "congestion" above the market in the $2.75 to $3.75 area. With prices currently below the bottom of that range it is considered to be resistance. The price of CHK may test and probe the area. $3.00 could be touched, but any sustained reversal or a lasting bottom will need a lot of new accumulation.