One of the stocks from today's option skews scan I wanted to mention is China Mobile Ltd. (CHL). My colleague Elizabeth Harrow already discussed this data in her post - Option Activity Alert: Are China Mobile Bulls Short-Sighted? - but I wanted to at least touch on the chart below...

Chart Courtesy of Thomson Financial

Regular readers may remember the 80 level as one mentioned in the past. Back in November we discussed this as support. In early January we saw each bounce off that zone becoming weaker and by late January that level was broken. Today we find the stock below that former support and the shares locked in the series of lower highs that form the downtrend highlighted by the red line.

While I would never admit it to her face (I am still upset with her after the REO Speedwagon tribute band rumor), I have to agree with the point that Elizabeth makes about expecting to see higher levels of skepticism. Analysts are still in the bull camp but the stock appears to be locked in a fairly steady downtrend. Unless the shares can perk up here and break the downtrend, I have to think some of those bulls might be looking to jump ship.