Nymex crude oil, Chevron (CVX) - Get Report and Exxon Mobil (XOM) - Get Report did not immediately react positively to the Trump election win. All three formed bottoms for trading on Nov. 14. Since then, oil has outperformed and Exxon Mobil has lagged. For example, oil and Chevron are above "golden cross" patterns on their daily charts but Exxon Mobil is not.

While the Dow Jones Industrial Average finally rose above 20,000 for the first time ever on Wednesday, the price of a barrel of oil still lagged after beginning 2017 with a "key reversal" on Jan. 3. Dow components Chevron and Exxon Mobil traded higher on the day, but did not contribute to the Dow's milestone trading session.

A daily "key reversal" occurs when a market or stock sets a new then closes below the prior day's low. Crude oil did this on Jan. 3, the oil majors did not. A "golden cross" occurs when the 50-day simple moving average rises above the 200-day simple moving indicating that higher prices lie ahead.

Both Chevron and Exxon Mobil qualifiy as members of the 2017 "Dogs of the Dow" because their dividend yields are quite favorable. Chevron and Exxon Mobil rank fourth and fifth among the Dow 30 with dividend yields of 3.71% and 3.55%, respectively.

The tug-of-war in the energy sector involves production cuts from OPEC, while the Trump Administration provides incentives to expand oil and gas production in the United States. In this environment, Chevron reports earnings before the opening bell on Friday and Exxon Mobil reports before the opening bell the following Tuesday.

Analysts expect Chevron to earn 63 cents a share. Zacks looks for Chevron to beat estimates, saying this oil giant has been able to aggressively cut costs to gain financial flexibility. Analysts expect Exxon Mobil to earn 71 cents a share. 

Here are the weekly charts for crude oil and these two oil stock giants.

The weekly charts show a red line through the weekly price bars, which is the key weekly moving average (a five-week modified moving average). The green line is the 200-week simple moving average considered to be the "reversion to the mean."

The study in red along the bottom of the chart is weekly momentum (a 12x3x3 weekly slow stochastic), which scales between 00.00 and 100.00, where readings above 80.00 indicates overbought and readings below 20.00 indicates oversold.

A negative weekly chart shows the stock below its key weekly moving average with weekly momentum declining below 80.00 in a trend towards 20.00. A positive weekly chart shows the stock above its key weekly moving average with weekly momentum rising above 20.00 in a trend towards 80.00.

Here's the weekly chart for crude oil.

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Courtesy of MetaStock Xenith

Crude oil trades at close to $53, up 17.5% since the election and in bull market territory 25.3% above its Nov. 14 low of $42.20. Oil is 4.3% below its Jan. 3 high of $55.24.

The weekly chart for crude oil is positive but overbought oil above its key weekly moving average of $52.07 and well below its 200-week simple moving average of $68.94. Oil has been below the 200-week since the week of Aug. 22, 2014 when the average was $96.17. The weekly momentum reading is projected to end this week at 83.33 versus 83.91 on Jan. 20, with both readings above the overbought threshold of 80.00.

Investors looking to buy crude oil should do so on weakness to $50.68, which is a key level on technical charts until the end of January. Investors looking to reduce holdings should consider selling strength to $58.49, which are key levels on technical charts until the end of June.

Given downside volatility the risk is to key levels of $47.80, $43.04 and $42.06, which are key levels until the end of 2017, June and March, respectively. The maximum upside for 2017 is an annual risky level of $103.82.

Here's the weekly chart for Chevron.

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Courtesy of MetaStock Xenith

Chevron trades at $117.10, up 9.1% since the election and up 10.9% from its Nov. 14 low of $105.59. The stock is just 1.6% below its post-election high of $119.00 set on Jan. 3.

The weekly chart for Chevron is positive but overbought with the stock above its key weekly moving average of $115.24. The stock is above its 200-week simple moving average of $108.93. The stock has been above this "reversion to the mean" since the week of Nov. 25. The weekly momentum reading is projected to slip to 87.43 down from 89.33 on Jan. 20, becoming less above the overbought threshold of 80.00.

Investors looking to buy Chevron should consider doing so on weakness to $111.94, which is a key level on technical charts until the end of January. The $116.89 level is a pivot or magnet through June. Investors looking to reduce holdings should consider selling strength to $136.08, which is a key level on technical charts until the end of 2017.

Chevron is above $110.11, which is the 61.8% Fibonacci Retracement of the decline from its November 2014 high of $135.10 to its August 2015 low of $69.58.

Here's the weekly chart for Exxon Mobil.

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Courtesy of MetaStock Xenith

Exxon Mobil trades at $85.50, up just 0.2% since the election and up just 1.4% since its Nov. 14 low of $84.33. The stock is nearly in correction territory 8.3% below its Dec. 13 high of $93.31.

The weekly chart for Exxon Mobil is negative with the stock below its key weekly moving average of $88.16. The stock is below its 200-week simple moving average of $89.15 after trading back and forth around this "reversion to the mean" since the week of April 29. The weekly momentum reading is projected to decline to 47.31 this week down from 57.30 on Jan. 20.

Exxon Mobil is below $85.66, which is the 50% Fibonacci Retracement of the decline from its August 2914 high of $104.76 to its August 2015 low of $66.55.

Investors looking to buy Exxon Mobil should consider doing so on weakness to $77.69, which is a key level on technical charts until the end of March. Investors looking to reduce holdings should consider doing so on strength to $88.77, $90.11 and $95.69, which are key levels on technical charts until the end of January, 2017 and June, respectively.

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.