Earlier today Chesapeake Energy Corp (CHK) popped up on my option skew scan with signs of optimism. That stuck me as odd given the stock is down sharply this year. Of course, option players aren't the only optimistic group on Chesapeake . Just over two weeks ago we saw how analysts were fully in the bullish camp. But I wonder if that may be changing.

Earlier my colleague Elizabeth Harrow noted at least one firm has defected from the pack. A look to the chart below offers a reason why others may be looking to exit.

Here we have the daily view that shows the nasty downtrend in place for the last few months. The shares attempted to put in a bottom in early-October but the bounce has so far been short-lived. As discussed in my previous post, analysts are essentially "trapped" here as they have maintained buy ratings throughout the plunge. I think this creates the potential for supply to come in on rallies and sets up a potential for a washout gap lower situation. The immediate concern here would be if the stock ticks to a new low.

Chart Courtesy of Thomson Financial