Chevron (CVX) - Get Report and Exxon Mobil (XOM) - Get Report have solid year-to-date gains and are in bull market territory versus their lows set on Jan. 20. Back then, these oil giants led crude oil higher; crude did not bottom until Feb. 11.

After trading as low as $26.05 that day, crude oil set its first-half 2016 high of $51.67 on June 9. While oil was declining from this high, "Dogs of the Dow" Chevron and Exxon continued higher until setting their 2016 highs on July 14 and July 15, respectively, at $107.58 and $95.55. Buyers were ignoring crude oil and were buying these stocks given their high dividend yields.

During the second half of the year, crude oil has been on the rise since trading as low as $39.19 on Aug. 3. Oil set its 2016 high of $52.22 a week ago while Chevron and Exxon are still below their July highs.

A month ago, oil had a year-to-date gain of 18.4% with Chevron up 9% and Exxon Mobil up 7.5%. Today, oil is up 32.6% year to date with chevron up 12.5% and Exxon up 11.7%. Oil is in bull market territory 88.6% above the Feb. 11 low. Chevron and Exxon are also in bull market territory but lag oil with gains of 34.3% and 21.7%, respectively, versus their Jan. 20 lows.

Both oil giants report earnings Friday. Analysts expect Chevron to earn 40 cents a share, Exxon Mobil to earn 60 cents a share.

Here's the weekly chart for crude oil.

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Courtesy of MetaStock Xenith

Crude oil closed Wednesday at $49.13, up 32.6% year to date and solidly in bull market territory 88.6% above its Feb. 11 low of $26.05. The stock is 5.9% below its Oct. 19 high of $52.22.

The weekly chart for crude oil is positive and nearly overbought with oil above its key weekly moving average of $48.23 and well below its 200-week simple moving average of $71.81. 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 rise to 79.75 this week up from 77.54 on Oct. 21, approaching the overbought threshold of 80.00.

The year-to-date technical road map for Nymex crude oil began from $37.04 per barrel at the close on Dec. 31. Choppy to down trading led to a multiyear intraday low of $26.05 on Feb. 11. At the beginning of the year my proprietary analytics showed an annual level of $44.07 that had an 85% chance of being a magnet all year. This key level was first tested on April 20. The oil rally set its first high of $51.67 on June 9 and the $44.07 annual pivot was tested again on July 22.

Crude oil set its second half low of $39.19 on Aug. 3, but the annual pivot of $44.07 remained a magnet between Aug. 12 and Sept. 20 before beginning its bull run to its 2016 high of $52.33 on Oct. 19, between my semiannual and monthly key levels of $51.26 and $54.79.

Here's the weekly chart for Chevron.

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Courtesy of MetaStock Xenith

Chevron stock trades at $101, up 12.5% year to date and in bull market territory 34.3% above its Jan. 20 low of $75.33. The stock is 45.9% below its July 14 high of $107.58.

The weekly chart for Chevron will be positive at the end of this week if the stock closes above its key weekly moving average of $101.29. The stock has been below its 200-week simple moving average since the week of Jan. 2, 2015 with this average now $109.08. The weekly momentum reading is projected to rise to 45.58 this week up from 42.57 on Oct. 21.

Investors looking to buy Chevron should consider doing so on weakness to $78.58, which is a key level on technical charts until the end of 2016. I show technical pivots at $97.58 and $100.84, in play for the remainder of the year. Investors looking to reduce holdings should consider selling strength to $112.59, which is a key level on technical charts until the end of October.

Here's the weekly chart for Exxon Mobil.

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Courtesy of MetaStock Xenith

Exxon Mobil trades at $87, up 11.7% year to date and in bull market territory 21.7% above its Jan. 20 low of $71.55. The stock is 8.9% below its July 15 high of $95.55.

The weekly chart for Exxon will end this week positive if the stock closes above its key weekly moving average of $86.80. The stock is below its 200-week simple moving average of $89.30 after being above it between the week of April 29 and the week of July 29. The weekly momentum reading is projected to rise 39.76 this week up from 31.89 on Oct. 21.

Investors looking to buy Exxon Mobil should consider doing so on weakness to $83.08, $75.91 and $71.20, which are key levels on technical charts until the end of 2016. Investors looking to reduce holdings should consider doing so on strength to $96.72, which is a key level on technical charts until the end of October.

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