The price of a barrel of crude oil closed Wednesday at $41.92, back below my key annual magnet of $44.07 after trading as high as $51.67 on June 9. Oil may still be up 13.2% so far in 2016, but it is in correction territory 18.9% below the year's high.

This is a tough backdrop when this nation's two energy giants report quarterly results on Friday.

Energy giants Chevron (CVX) - Get Report and Exxon Mobil (XOM) - Get Report have year-to-date gains of 13.7% and 16.6%, respectively. Both set their 2016 lows on Jan. 20 well before the Feb. 11 bottom for oil. While oil topped on June 9, the power of favorable dividend yields carried Chevron to a 2016 high of $107.59 on July 14 with Exxon Mobil setting its 2016 high of $95.55 on July 15.

Chevron and Exxon are components of the Dow Jones Industrial Average I:DJI and are two of the eight "Dogs of the Dow" of 2016. Their dividend yields are 4.19% and 3.32%, respectively.

Here's the weekly chart for crude oil.

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Courtesy of MetaStock Xenith

The weekly chart for crude oil has been negative since July 8. Oil is below its key weekly moving average of $45.28 and well below its 200-week simple moving average of $74.49. 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 decline to 45.57 this week down from 58.78 on July 22.

Based upon my proprietary analytics, my original forecast called for crude oil to peak between $44.07 and $48.75 and this target range but the actual peak was $51.67. My updated forecast called for oil to return to the $44.07 to $48.75 in June, and now oil is back below $44.07. The downside risk is to $37.11 by the end of August.

Analysts expect Chevron to earn 31 cents a share. This stock is one of the top 10 picks among brokerage firms. Some grade Chevron as a pure survivor even during tough economic challenges.

Here's the weekly chart for Chevron.

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Courtesy of MetaStock Xenith

The weekly chart for Chevron ended last week positive but overbought, but will be downgraded to neutral given a close this week below its key weekly moving average of $103.29. The stock has been below its 200-week simple moving average since the week of Jan. 2, 2015 with this average now $109.57. The weekly momentum reading is projected to slip to 82.52 this week down from 88.11 on July 22, still above the overbought threshold of 80.00.

Investors looking to buy Chevron should consider doing so on weakness to $100.84, which is a key level on technical charts until the end of 2016.

Investors looking to reduce holdings should consider selling strength to $105.40, which is a key level on technical charts until the end of this week.

Analysts expect Exxon Mobile to earn 64 cents a share. Some are concerned about refining margins

Here's the weekly chart for Exxon Mobil.

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Courtesy of MetaStock Xenith

The weekly chart for Exxon ended last week positive but overbought, but will be downgraded to neutral give a close on Friday below its key weekly moving average of $91.76. The stock is above its 200-week simple moving average of $89.46. The weekly momentum reading is projected to slip to 84.26 this week down from 89.54 on July 22, with both readings above the overbought threshold of 80.00.

Investors looking to buy Exxon Mobil should consider doing so on weakness to $72.22 and $71.20, which are key levels on technical charts until the end of September and the end of 2016, respectively.

Investors looking to reduce holdings should consider doing so on strength to $94.21 and $96.62, which are key levels on technical charts until the end of this week and the end of 2016, respectively.

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