Remember when the ups and downs of Nymex crude oil correlated with the ups and downs of the stock market? This dynamic was a characteristic of the stock market for most of 2016. This abruptly ended when Donald J. Trump was elected president on Nov. 8.

One of President Trump's pledges was to remove regulations against the fossil fuel industry. Coal miners will be producing clean coal, the Keystone Pipeline will be built, and oil and gas drillers are encouraged to increase production. Increased U.S. output has offset OPEC production cuts.

Despite building inventories, Nymex crude oil is in bull market territory 28.9% above its post-election low of $42.20 set on Nov. 14. The Energy Select Sector SPDR Fund (XLE) - Get Energy Select Sector SPDR Fund Report and the largest components Chevron (CVX) - Get Chevron Corporation Report and Exxon Mobil (XOM) - Get Exxon Mobil Corporation Report have year-to-date declines and are below their post-election highs. Exxon Mobil is in correction territory 12.3% below its Dec. 13 high, as shown in the table below.

Here's a scorecard for oil, the energy exchange-traded fund and the oils giants. Weekly charts follow:

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Nymex crude oil

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Courtesy of MetaStock Xenith

The weekly chart for crude oil is positive but overbought with oil above its key weekly moving average of $53.22 but still well below its 200-week simple moving average of $68.19. Oil has been below the 200-week since the week of Aug. 22, 2014, when the average was $96.17. Weekly momentum is projected to end this week at 85.77, up from 85.80 on Feb. 17. Both momentum readings well above the overbought threshold of 80.00.

Trading Strategy: Buy crude oil on weakness to my monthly value level of $48.37. Sell strength to my semi-annual risky level of $58.40. Semi-annual and quarterly value levels are $43.04 and $42.06, respectively. My annual risky level is $103.82.

The energy sector ETF

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TheStreet Recommends

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The weekly chart for the energy sector ETF is negative with EFT below its key weekly moving average of $73.22 and below its 200-week simple moving average of $77.46, last tested during the week of Dec. 16 when the average was $77.65. Weekly momentum is projected to end this week at 42.94, down from 52.08 on Feb. 17.

Trading Strategy: Buy the energy ETF on weakness to my quarterly value level of $59.87. Sell strength to my semi-annual risky level of $84.23. My annual risky level is $95.44.

Chevron

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Courtesy of MetaStock Xenith

The weekly chart for Chevron is negative with the stock below its key weekly moving average of $112.88. The stock is above its 200-week simple moving average of $108.79, which has been a magnet as a "reversion to the mean" since the week of Nov. 18. Weekly momentum is projected to decline to 49.26, down from 60.55 on Feb. 17.

Trading Strategy: Buy Chevron on weakness to my quarterly value level of $89.78. Sell strength to my monthly and semi-annual risky levels of $114.00 and $116.89, respectively. My annual risky level is $136.08.

Exxon Mobil.

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Courtesy of MetaStock Xenith

The weekly chart for Exxon Mobil is negative but oversold with the stock below its key weekly moving average of $84.32. The stock is below its 200-week simple moving average of $89.03 after trading back and forth around this "reversion to the mean" between the week of Dec. 9 and the week of Jan. 6. Weekly momentum is projected to decline to 17.88 this week, down from 22.76, falling below the oversold threshold of 20.00.

Trading Strategy: Buy Exxon Mobil on weakness to my quarterly value level of $77.69. Sell strength to my monthly and annual risky levels of $85.60 and $90.11, respectively.

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