Chesapeake Energy (CHK) was in a bearish breakout last weekChesapeake Energy (CHK) was in a bearish breakout last week from a consolidation range between roughly 4.40 and 5.10, which opened up a bearish outlook towards at least 3.60. As expected, price did extend lower this week.Chesapeake Energy (CHK) Daily Chart(click to enlarge)Bearish Continuation?- The daily chart shows price pushing lower this week with 3.60 as the next common support pivot.- We might expect some support here, but note that the market has been bearish in 2017. - Also note that despite the bullish push in 2016, CHK is essentially in a sideways-bearish market. The weekly chart shows that the market was bearish in 2015, but has been consolidating since finding support at 1.50 in 2016. - The thing is, there is no signs that CHK is forming a price bottom. In fact, it looks like price is in a bearish continuation swing. - Therefore, I think traders who want to scoop CHK up at a cheap price should probably wait even longer, below 3.60, and closer to the 2016 low of 1.50.Chesapeake Energy (CHK) Weekly Chart(click to enlarge)