Chevron Corporation (NYSE:CVX) and Exxon Mobil Corporation (NYSE:XOM) have spiraled lower after they each announced earnings that were extremely disappointing to Wall Street. Chevron has dropped from a 52 week highs of $127.83 to its current level of $118. 64 while Exxon has dropped from $95.49 to $86.87. These falls have come in a matter of weeks.
Both stocks are in near term oversold territory. Exxon could see a low of $86.00 while Chevron has major support at $117.50. These levels should give the stocks a near term bounce prior to another flush lower.