You Ask, Fitzpatrick Answers: Chesapeake, Transocean

Updated from March 17

Throughout the trading week on Stockpickr Answers, investing professionals answer questions posed by members of the Stockpickr community.

Tuesday, Dan Fitzpatrick (RealMoney contributor) responded to a range of market and trading questions.

Here are a few of those questions and Fitzpatrick's answers.

What are your key current resistance and support levels on the S&P 500?

In this market are you more in favor of playing with the sector ETFs vs. individual names? Hedged long/short?

Or what would be your best way of playing in a very hard market... knowing that you have to be nimble and flexible?

Fitzpatrick: 800 is the ceiling on the S&P. 650 is the floor. I see the S&P trading sideways deep into the summer. To read more, visit Stockpickr.com.

What do you think of the PowerShares DB US Dollar Index Bearish Fund [an ETF] (UDN Quote) as a way to play the weaker dollar?

Fitzpatrick: I like UDN as the best way to play the dollar. To read more, visit Stockpickr.com.

What's your favorite price pattern to trade? Is it your favorite because of its risk profile, potential for explosive profits, consistency in making profits or some other reason entirely?

Fitzpatrick: Depends on what the market is doing. Flat triangle breakouts work quite well, when the market is either oversold or just starting a trend that is sustainable. To read more, visit Stockpickr.com.

Natural gas has been a laggard here, but the Chesapeake Energy (CHK Quote) chart is kind of sneaky good. Or is there another nat gas play you like better?

Fitzpatrick: I like CHK the best. To read more, visit Stockpickr.com.

How do you feel about oil here, as well as the major players (Exxon Mobil (XOM Quote), ConocoPhillips (COP Quote), Transocean (RIG Quote), etc.)?

Fitzpatrick: I continue to like oil. I disagree with the experts who say there is no such thing as a triple bottom. To read more, visit Stockpickr.com.

Do you have a question for Fitzpatrick? He will be back on Stockpickr Answers on Tuesday, March 24.

Who's on Stockpickr Answers Now?

Wednesday, March 18: Tim Melvin

Who's on Next?

Thursday, March 19: Richard Widows

Friday, March 20: David Peltier

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