by Travis Johnson, Stock Gumshoe | August 13, 2008 12:39 pm
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While much better than the penny stock, XTO and CHK are for bottom fishers only. Oil is unfavored and while both have been firming of late, neither are at long term Fibonacci support. Both are in downtrends. Seasonally, natural gas should go up and this may keep the stocks in a holding pattern until October., but then……Downside for XTO is 28.00 to 37.00. If it prints 50.00 it would be a buy signal, but strong resistance is overhead. Downside for CHK is ………the same (28.00 to 37.00). The charts are very similar, but 48.00 would be a buy signal for CHK, again with tough resistance overhead. The dividend yields don’t make either stock worth “holding”. I’d watch ’em or trade the seasonal bounce.