This past Friday there was no news at all about Chesapeake Granite Wash Trust (OTCMKTS:CHKR) but the stock suffered from a selloff nonetheless and went down by as much as 6%. In light of such a drop, it may be a good time for investors to work out if the drop in the stock price could in fact be an opportunity to get into the Chesapeake Granite Wash Trust stock.
On Friday, CHKR stock decreased 5.51% to $1.20 with more than 120K shares, compared to its average volume of 97K shares. The stock moved within a range of $1.0900 – 1.2700 after opening trade at $1.27.
In this context, it ought to be noted that the last time that the company was in the news was back on February 3 when it made an announcement with regards to its common units distribution for the quarter that had ended on December 31, 2021.
At the time the company announced that the unit distribution is going to be worth as much as $0.00667 for each common unit. On the other hand, it was also announced that the pay out was going to go out on March 3, 2022 to all those who held these units at the end of business on February 21, 2022. The announcement was a significant one from the company but it is unlikely that it had any effect on the latest rally in the stock.
CHKR stock is trading above the 20-Day and 50-Day Moving averages of $0.0005 and $0.0005 respectively. The stock is trading in oversold zone with the RSI at 55.