The price of a barrel of crude oil, as traded on the Nymex, is up a staggering 91.5% since trading as low as $26.05 on Feb. 11. The energy exchange-traded fund tracking the sector and its two largest company components have significant gains although they lag oil.

Those two components, Chevron (CVX) - Get Report and Exxon Mobil (XOM) - Get Report , have year-to date gains of 14.9% and 18.6%, respectively. Both set their 2016 lows on Jan. 20 and have gains of 37.2% and 29.2%, respectively, with lows of $75.33 and $71.55.

Chevron and Exxon are also 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 4.21% and 3.32%, respectively.

Investors in the Utilities Select Sector SPDR ETF (XLU) - Get Report have pushed the dividend yield down to just 2.86% as this exchange-traded fund set an all-time high of $51.60 on Wednesday. Investors may prefer Chevron or Exxon Mobil as they are well below their all-time highs.

Another way to invest in energy is via the Energy Select Sector SPDR Fund (XLE) - Get Report , which is an exchange-traded fund consisting of 38 energy stocks. Exxon's weighting in XLE is 19.24% and Chevron's is 14.79% for a combined total of 34.03%. The energy ETF has a gain of 12.2% year to date and is up 35.6% from its low of $49.93 set on Jan. 20.

These investment choices did not experience the deep downside volatility that followed the U.K. decision to leave the European Union. With the favorable dividends these stocks can also be considered "risk-off" investments as long as crude oil remains positive.

Here's the weekly chart for crude oil.

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Courtesy of MetaStock Xenith

The weekly chart for crude oil has been positive since the week of March 4 and has been overbought since the week of April 22. Crude oil is above its key weekly moving average of $47.38 and well below its 200-week simple moving average of $75.51. 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 slip to 83.69 this week down from 85.48 on June 24, becoming less overbought above the 80.00 threshold.

Based upon my proprietary analytics, my original forecast called for crude oil to peak between $44.07 and $48.75, which are key levels on technical charts until the end of 2016 and the end of June, respectively. The $44.07 level now becomes a key level to the downside for the remainder of the year. Based upon today's closes there will be a new set of key levels.

Here's the weekly chart for the energy ETF.

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Courtesy of MetaStock Xenith

The weekly chart for the energy ETF is neutral with the ETF above its key weekly moving average of $66.44 and well below the 200-week simple moving average at $78.04. The weekly momentum reading is projected to decline to 71.50 this week down from 73.54 on June 24. A weekly close below $66.40 will shift this chart to negative.

Investors looking to buy the energy ETF should consider doing so at $65.37 and $54.40, which are key levels on technical charts until the end of this week and to the end of 2016, respectively.

Investors looking the reduce holdings should consider doing so at $79.35, which is a key level on technical charts until the end of 2016.

Here's the weekly chart for Chevron.

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Courtesy of MetaStock Xenith

The weekly chart for Chevron has been positive since the week of Feb. 19 and overbought since the week of April 1. The stock is above its key weekly moving average of $101.19 and below its 200-week simple moving average of $109.79. The weekly momentum reading is projected to be at 80.16 this week. A weekly close below $101.19 will be negative.

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 2016.

Investors looking to reduce holdings should consider selling strength to the 200-week simple moving average of $109.79.

Here's the weekly chart for Exxon Mobil.

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Courtesy of MetaStock Xenith

The weekly chart for Exxon Mobil has been positive since the week of Jan. 29 and overbought since week of March 11. The stock is above its key weekly moving average of $89.52 and above of around its 200-week simple moving average of $89.41 over the last 10 weeks. The weekly momentum reading is projected to be at 86.48 this week above the overbought threshold of 80.00.

Investors looking to buy Exxon Mobil should consider doing so on weakness to $90.44, which is a key level on technical charts until the end of this week.

Investors looking to reduce holdings did so on Wednesday as the day's high as just above its key level of $92.40, which expires today.

Thursday's close will establish new key levels for July and the third quarter. My annual key level remains $71.20.

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