NEW YORK (TheStreet) -- Share price weakness among oil and gas drilling stocks presents a buying opportunity as they have significantly underperformed crude oil.

Oil and gas drilling and exploration companies have tanked year to date, including Diamond Offshore Drilling (DO - Get Report), down 31.6%; Noble Corp. (NE - Get Report), down 10%; and Transocean (RIG - Get Report), down 17.9%, while oil and gas drilling and servicing company Tidewater (TDW - Get Report) has plunged 30.7%.

Meanwhile, the price of a barrel of Nymex crude oil closed at $52.77 per barrel on Thursday, down by less than just 1% year to date.

On Thursday, we took a look at the weekly chart for crude oil, which showed that oil had a negative weekly chart, with the commodity below its key weekly moving average of $57.21 and below its 23.6% Fibonacci retracement level of $60.11 of the popped crude oil bubble.

Here is the daily chart for crude oil:


Courtesy of MetaStock Xenith

The daily chart for crude oil shows the formation of a "death cross" on Sept. 3 following the June 3, 2014, intraday high of $107.67, which was a failed test of a key level on technical charts for that time frame.

The sideways price pattern around that Fibonacci level of $60.11 between May 5 and June 24 was nearly strong enough to establish a "golden cross" for oil. This hasn't happened as the 50-day simple moving average of $58.81 remains below the 200-day SMA of $60.51.

Here are their performance measures and investment guidelines for the four oil and gas stocks:

Diamond Offshore Drilling closed at $25.12 on Thursday, down 31.6% year to date after setting its 2015 low of $23.74 on Tuesday. The stock has been under a "death cross" since July 29, 2013, with the 50-day SMA of $29.94 still below its 200-day SMA of $32.36.

The weekly chart is negative but oversold, with the stock below its key weekly moving average of $27.86 and its 200-week SMA of $55.13.

Investors looking to buy Diamond Offshore Drilling should place a good 'til canceled limit order to buy the stock if it drops to $22.35, which is a key level on technical charts until the end of the month.

Investors looking to reduce holdings should place a good 'til canceled limit order to sell stock if it rises to $28.71, which is a key level on technical charts until the end of the year.

Noble closed at $14.91 on Thursday, down 10% year to date after setting its 2015 low of $13.15 on March 16. The stock has been under a "death cross" since Dec. 16, 2013, with the 50-day SMA of $16.46 still below its 200-day SMA of $17.38.

The weekly chart is negative, with the stock below its key weekly moving average of $15.78 and its 200-week SMA of $28.09.

Investors looking to buy Noble should place a good 'til canceled limit order to buy the stock if it drops to $13.28, which is a key level on technical charts until the end of September.

Investors looking to reduce holdings should place a good 'til canceled limit order to sell stock if it rises to $16.12, which is a key level on technical charts until the end of the year.

Transocean closed at $15.05 on Thursday, down 17.9% year to date after setting its 2015 low of $13.28 on March 16. The stock has been under a "death cross" since Jan. 31, 2014, with the 50-day SMA of $18.16, still below its 200-day SMA of $20.06.

The weekly chart is negative, with the stock below its key weekly moving average of $16.89 and its 200-week SMA of $41.34.

Investors looking to buy Transocean should place a good 'til canceled limit order to buy the stock if it drops to $13.72, which is a key level on technical charts until the end of September.

Investors looking to reduce holdings should place a good 'til canceled limit order to sell stock if it rises to $27.63, which is a key level on technical charts until the end of the year.

Tidewater closed at $22.45 on Tuesday, down 30.7% year to date after setting its 2015 low of $18.84 on March 31. The stock has been under a "death cross" since Jan. 29, 2014, with the 50-day SMA of $25.10, still below its 200-day SMA of $29.49.

The weekly chart is negative, with the stock below its key weekly moving average of $23.83 and its 200-week SMA of $46.82.

Investors looking to buy Tidewater should place a good 'til canceled limit order to buy the stock if it drops to $20.43, which is a key level on technical charts until the end of next week.

Investors looking to reduce holdings should place a good 'til canceled limit order to sell stock if it rises to $32.99, which is a key level on technical charts until the end of the year.

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