The leading independent oil and gas production company -- Chesapeake Energy Corporation (NYSE:CHK) -- fell, this morning, by $1.92 to $29.16 a share. Earlier today, the company completed a spinoff of its oil-services business Seventy Seven Energy (NYSE:SSE), which caused CHK to fall below its important 50-day moving average on the charts. Short-term traders should watch for near-term support around the $28.50 level. If the stock fails to hold at that level over the next few days, there will be much more daily-chart support around $25. Both levels should be defended by the institutional money when reached initially.