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Gold/Mining/Energy : Chesapeake Energy CHK

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To: Razorbak who wrote (459)	1/1/1999 9:57:00 AM
From: Zeev Hed	Read Replies (2) of 726

Razor, it is one of those cases I cited last October for the semi equipment when the BTB was dropping under .6, I said then, how much worse can can the situation become? Here too, we have had low prices for energy (a deflation actually), suspension of common and now preferred dividends, down grades by rating agencies to sub par debt etc. Yet, they are still providing more then $.5/share cash flow from operation, and the US is just being hit by a nice little cold wave. Can they survive? I have not the foggiest, but the last three days of increasing volume together with stubborn holding of the of $.75 tells me that at least a rebound is possible. First resistance is in the $1.25 to $1.5 range and then we have massive resistance at $2.5, which I doubt very much will be penetrated unless oil goes back to $16 or more and natural gas above $2.5 mmcf. Wish me luck. Zeev

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