I'm looking at Chesapeake Energy again for a quick trade to the $50 area. From their website, they are the 3rd largest producer of natural gas in the US, and 2nd among independents. They own interests in approximately 39,000 producing natural gas and oil wells and are producing 2.3 billion cubic feet equivalent per day and 92% is natty gas.
It looks like CHK was in the low $40s earlier this month, lows not seen since February of this year. It rallied all the way to $75 in July and closed at $48 today. It touched $50 a few days ago and could pierce through that important resistance level if a positive catalyst presents itself. It looks like it has corrected along with price of oil and natural gas. The second chart above shows the comparison between CHK and the Natural Gas ETF (UNG). The Natural Gas ETF is currently at the December 2007 support levels. It appears there could be a near term technical reversal, the sell off in energy is looking tired at the moment..