Big Bottom for Big Oil?

is out with a research note after the close today, stating that shares of mega cap integrated oil names (Big Oil) , such as Chevron Corp

, Exxon Mobil

and Conoco Phillips

may have put in a significant technical bottom today. In the research piece, Delta Derivatives highlights several key takeaways: -Yield on both CVX and COP exceed 5 percent, compared to a 2.14 percent on US 10 year. This comparative differential is at the highest level over the past 20 years. -Shares of Big Oil all opened sharply lower on the day, only to close and finish near the highs, even with crude oil down nearly 4 percent. Points to a key technical reversal. -CVX has closed lower 15 straight weeks, with COP closing lower 14 out of the last 15 and XOM 13 out of the last 15. In the case of CVX, the previous worst weekly losing streak since 1970 was 5 consecutive weeks, so 13 straight is reaching extreme levels. -9 day weekly RSI readings lower now than even during the Financial Crisis, indicating an extremely oversold condition -Implied volatility is in the 90th percentile, pointing to heightened fears. From a contrarian standpoint, high levels of implied volatility many time share associated with intermediate lows in shares prices. CVX closed at 85.78, down 0.11, with a low on the day of 83.60. COP closed at 50.40, up 0.20, with a low on the day of 49.06. XOM closed at 7749, down 53, with a low on the day of 76.33 (yearly low).