CHK - soars on an asset sale

Whilst the main market saw continued swings, Chesapeake Energy (CHK) soared on news it had agreed an asset sale to SW Energy for over $5bn. CHK settled higher by a rather extreme 16.5% @ $20.70. Key resistance is the old floor, around $23.


CHK, daily

Summary

Suffice to say, a powerful daily gain for CHK, but it was on the back of an asset sale.

The question has to be asked, is CHK really desperate for the cash? Is it having serious issues with subdued energy prices?
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Regardless of today's gains, if the main market falls to the sp'1600s, CHK looks vulnerable to falling to the low teens... back to the summer 2012 low in the 12s.