Shares of Chesapeake Energy Corp (CHK) are under pressure today as they drop over 20%. However, today's loss could just be a shot across the bow. Here is what I am looking at.

When looking at Chesapeake I think there are two key pieces of data to be aware of. The first is related to enthusiasm from the Street. According to Zacks, 17 of 23 analysts (74 percent) rank the stock with a "buy" rating. I just looked over the data and the majority of analysts have been in the bull camp throughout the year. The second point is that shares of Chesapeake are down over 50% this year.

In other words, this is another potential "trapped bulls" situation. Analysts have been riding the stock lower and my concern is that they will now be looking to sell.

In past commentaries I have talked about the potential for these bulls to offer downgrades into rallies. Another possibility is a panic sell. A look to the daily chart shows that CHK shares are now in a position to challenge their October lows. A breakdown here could be the catalyst that causes a bull stampede.

Chart Courtesy of Thomson Financial