I think this setup is very similar to what we saw in May before it went from 16.50 to 13.50. In May the general market made the same move but it wasn't nearly as big of a move and CHK sold off a couple of days before the market.
I will start a short position under 17 and if 16.50 breaks I will short heavily. My stop will be if it breaks the current short term down trend. My targets are 15, 14 and 13.50