Far-Right Candidate Shakes Up Race for Texas Oil Regulator Seat

CVX shares fell 4.1% in the last 24 hours, closing at $183.13. While the RSI at 37.8 approaches oversold territory, the MACD line remains below the signal line, confirming weak momentum. The stock sits just above its 20-day SMA ($183.71), which may provide short-term support, but the 50-day SMA ($189.18) presents a clear resistance level. News headlines suggest that a far-right candidate shaking up the race for the Texas oil regulator seat could create sector uncertainty and increase regulatory risks. Therefore, downward pressure is likely to persist in the near term.

XOM shares have fallen 4.9% in the last 24 hours, with the RSI entering oversold territory at 27.7. The MACD remains below the signal line and in negative territory, while the price is trading below both the 20-day and 50-day moving averages. News headlines suggest that a far-right candidate shaking up the race for the Texas oil regulator seat could create uncertainty in the sector. In the short term, technical indicators present a weak outlook, and political uncertainty may add to selling pressure. However, the oversold condition suggests that a short-term rebound cannot be entirely ruled out.