Chesapeake Energy (CHK) seems to have hit a ceiling, and things are about to change for the irrationally Bullish investors of CHK. Though the extent of the Bearish reversal cannot perfectly estimated, I believe a 4-5% correction is a legitimate possibility.
Here is a Daily chart of CHK:
I recommend BUYING the Nov ’13 PUTS on CHK @ 27 Strike
The PUTS are currently selling for 70 Cents. There’s enough DELTA on those Options to get you at least 50% ROI.
Price Target: $26
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