Nymex crude oil began 2017 setting a 52-week high of $55.24 a barrel on Jan. 3. That day was a "key reversal," which has prevented a new high since then.

A daily "key reversal" occurs when a market sets a new 52-week high, then closes below the prior day's low. Oil traded as low as $50.71 on Jan. 10 establishing an early 2017 trading range.

If you are trading crude oil, my monthly, annual, semiannual and quarterly value levels are $48.37, $47.80, $43.04 and $42.06, respectively. The upside is to semiannual and annual risky levels of $58.40 and $103.82, respectively.

If you prefer more speculative investment choices here are five oil services stocks to consider: Diamond Offshore (DO) - Get Report , McDermott (MDR) - Get Report , Noble Corp. (NE) - Get Report , Transocean (RIG) - Get Report and Tidewater(TDW) - Get Report .

Diamond Offshore reports earnings before the opening bell on Feb. 6 and analysts expect the company to earn 12 cents a share. The stock closed Thursday at $16.23 down 8.3% and in bear market territory 28.3% below its post-election high of $22.65 set on Dec. 12.

McDermott reports earnings after the closing bell on Feb. 27 and analysts expect the company to break even. The stock closed Thursday at $8.13 up 10% year to date and in bull market territory 63.9% above its post-election low of $4.96 set on Nov. 9. The stock set its 52-week high of $8.33 on Jan. 25.

Noble Corp reports earnings after the closing bell on Feb. 9 and analysts expect the company to report a loss of 23 cents a share. The stock closed Thursday at $6.95 up 17.4% year to date and in bull market territory 54.4% above its post-election low of $4.50 set on Nov. 8. The stock is in correction territory 17% below its post-election high of $8.37 set on Dec. 12.

Transocean reports earnings after the closing bell on Feb. 22 and analysts expect the company to earn 6 cents a share. The stock closed Thursday at $13.74 down 6.8% year to date and in bull market territory 43.6% above its post-election low of $9.57 set on Nov. 8. The stock is in correction territory 17.5% below its post-election high of $16.16 set on Dec. 12.

Tidewater reports earnings after the closing bell on Feb. 7 and analysts expect the company to report a loss of $1.17 a share. The stock closed Thursday at $2.05 down 39.9% year to date and in bull market territory 41.4% above its post-election low of $1.46 set on Nov. 9. Note that a stock trading between $1 and $3 a share is considered buying an "option on survival". The stock is in bear market territory 54.3% below its post-election high of $4.49 set on Dec. 21.

Here's the scorecard for crude oil and the five oil services stocks.

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The weekly charts show a red line through the 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 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 Diamond Offshore.

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Courtesy of MetaStock Xenith

The weekly chart is negative with the stock below its key weekly moving average of $17.77 and well below its 200-week simple moving average of $36.70. The weekly momentum reading is projected to decline to 38.91 this week down from 45.43 on Jan. 27.

Investors looking to buy weakness should do so at $11.54, which is a key level on technical charts until the end of February. Investors looking to reduce holdings should consider doing so on strength to $22.86, which is a key level on technical charts until the end of June.

Here's the weekly chart for McDermott.

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Courtesy of MetaStock Xenith

The weekly chart is positive but overbought with the stock above its key weekly moving average of $7.49 and above its 200-week simple moving average of $5.89. The weekly momentum reading is projected to rise to 82.76 this week up 80.09, moving further above the overbought threshold of 80.00.

Investors looking to buy McDermott should consider doing so on weakness to $7.69 and $7.23, which are key levels on technical charts until the end of February and the end of March, respectively. Investors looking to reduce holdings should consider selling strength to $13.97, which is a key level on technical charts until the end of 2017.

Here's the weekly chart for Noble Corp.

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Courtesy of MetaStock Xenith

The weekly chart is positive with the stock above its key weekly moving average of $6.85 and well below its 200-week simple moving average of $19.01. The weekly momentum reading is projected to rise to 66.43 this week up from 65.54 on Jan. 27.

Investors looking to buy Noble should consider doing so on weakness to $4.62 and $4.58, which are key levels on technical charts until the end of February and the end of June, respectively. Investors looking to reduce holdings should consider doing so if the stock rises to $12.02, which is another key level on technical charts until the end of June.

Here's the weekly chart for Transocean.

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Courtesy of MetaStock Xenith

The weekly chart is negative with the stock below its key weekly moving average of $14.35 and well below its 200-week simple moving average of $26.34. The weekly momentum reading is projected to slip to 78.12 this week down from 81.76 on Jan. 27, moving below the overbought threshold of 80.00.

Investors looking to buy Transocean should consider doing so on weakness to $7.73 and $6.58, which are key levels on technical charts until the end of March and the end of June, respectively. Investors looking to reduce holdings should consider doing so at $14.31, which is a key level on technical charts until the end of February.

Here's the weekly chart for Tidewater.

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Courtesy of MetaStock Xenith

The weekly chart is negative with the stock below its key weekly moving average of $2.68 and well below its 200-week simple moving average of $29.61. The weekly momentum reading is projected to decline to 40.85 this week down from 49.56 on Jan. 27.

Investors looking to buy Tidewater should consider doing so on weakness to $1.58, which is a key level on technical charts until the end of February. Investors looking to reduce holdings should do so on strength to $9.92, which is a key level on technical charts until the end of June.

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