This morning, the stock of the leading independent oil and gas production company Chesapeake Energy Corporation (NYSE:CHK) is falling lower 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). This spinoff has caused Chesapeake Energy Corp (NYSE:CHK) stock 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. Should the stock fail to hold up around this level over the next few days there will be much more daily chart support around the $25.00 level. Both levels should be defended by the institutional money when reached initially.
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