The head and shoulders top is just the beginning, I'm afraid. First target is ~$104-108, then probably some sort of retrace. The uptrend is clearly broken here and today's lowering of guidance confirms what the chart is screaming at us, that CVX is a broken stock. Long term, this should settle in $90 area and build a new base.
Even the bulls have to admit; having CVX down 1.2% today on a day when the dow is surging 180 pints is downright catastrophic. That means CVX is under performing almost 3% today. It doesn't bode well for CVX and it doesn't bode well for the broader market.
Sentiment: Strong Sell
Well, at this point I have to agree with you. I'm seeing a lower high and a lower low. Also, the 50 day moving average is moving lower. Looks like CVX is heading possibly to 110. When it gets in the range of 110 to 115 might be the time to reevaluate.