Chesapeake Energy (CHK) has been bearish in 2017, and remains that way as it broke into a new low on the year during the 8/7 session. Chesapeake Energy (CHK) Daily Chart(click to enlarge)Bearish Mode:- In the previous update on CHK, I noted that the stock's price action suggested further downside.- Price did eventually break below that March low, and then immediately consolidated roughly between 4.40 and 5.12.- After a couple months between that range, price is now moving lower again.- The common support around 3.60 is in sight and is the next critical support level. - If there is a pullback, watch out for resistance around 4.60-4.70.