NEW YORK (TheStreet) -- The downside volatility for oil and gas equipment and services stocks has been even more severe than that for Nymex crude oil. Diamond Offshore (DO - Get Report), Noble Corp. (NE - Get Report), Transocean (RIG - Get Report) and Tidewater (TDW - Get Report) are trading significantly below their late-2008 or early-2009 lows. McDermott (MDR - Get Report) is above its post-crash low but the stock trades below the five-dollar-a-share threshold.

By comparison, crude oil is above its post-crash low of $33.20 per barrel, set in January 2009. So far this year, oil traded as low as $42.03 on March 18, rebounded to its 2015 high of $62.58 on May 6, and traded as low as $43.70 on Aug. 7.

Here's the weekly chart for Diamond Offshore.


Courtesy of MetaStock Xenith

Diamond Offshore had a close of $22.00 on Friday, down 40.1% year to date, and is 58.7% below its post-crash of 2008 low of $53.30 set in March 2009. This stock traded as low as $17.06 in November 2003 and as high as $149.30 in December 2007.

Diamond Offshore has a negative but oversold weekly chart with the stock below its key weekly moving average of $24.47. Its weekly momentum reading declined to 7.74 last week down from 7.83 on July 31, falling deeper below the oversold threshold of 20.00. Note how the 200-week simple moving average now of $54.41 has provided a technical barrier since April 2000.

Investors looking to buy Diamond Offshore should place a good till canceled limit order to purchase the stock if it drops to $18.79, which is a key level on technical charts until the end of this week.

Investors looking to reduce holdings should place a good till canceled limit order to sell the stock if it rises to $28.18, which is a key level on technical charts until the end of August.

Here's the weekly chart for McDermott.


Courtesy of MetaStock Xenith

McDermott had a close of $4.48 on Friday up 54% year to date and is 45% above its post-crash of 2008 low of $3.09 set in November 2008. This stock traded as low as 37 cents a share in April 2003 and as high as $34.65 in June 2008.

McDermott has a negative weekly chart with the stock below its key weekly moving average of $4.78. Its weekly momentum reading declined to 30.34 last week down from 37.48 on July 31. Note that the stock has been below its 200-week simple moving average now of $8.54 since the week of Aug. 5, 2011.

Stocks trading below $3 a share are considered an "option on survival" and the stock traded as low as $2.10 on Jan. 21, providing investors with this bottom-fishing opportunity.

Keep in mind that many securities firms will not allow investors to buy stocks trading below $5 a share.

McDermott is set to report its earningst after the closing bell on Monday and analysts expect the company to lose 4 cents a share.

Here's the weekly chart for Noble Corp.


Courtesy of MetaStock Xenith

Noble had a close of $12.13 on Friday down 26.8% year to date and is 27.8% below its post-crash of 2008 low of $16.80 set in December 2008. This stock traded as low as $9.09 in September 2001 and as high as $60.26 in June 2008.

Noble has a negative but oversold weekly chart with the stock below its key weekly moving average of $13.69. Its weekly momentum reading declined to 9.46 last week down from 11.37 on July 31 falling deeper below the oversold threshold of 20.00. Note that the stock has been below its 200-week simple moving average now of $27.78 since the week of Jan. 24, 2014.

Investors looking to buy Noble should place a good till canceled limit order to purchase the stock if it drops to $10.91, which is a key level on technical charts until the end of this week.

Investors looking to reduce holdings should place a good till canceled limit order to sell the stock if it rises to $13.28 and $16.12, which are key levels on technical charts until the end of September and the end of 2015, respectively.

Here's the weekly chart for Transocean.


Courtesy of MetaStock Xenith

Transocean had a close of $13.57 on Friday down 26% year to date and is 67.7% below its post-crash of 2008 low of $41.95 set in December 2008. This stock set its all-time intraday low of $12.08 on Aug. 5, 2015, and traded as high as $163.00 in May 2008.

Transocean has a negative but oversold weekly chart with the stock below its key weekly moving average of $14.80. Its weekly momentum reading declined to 10.08 last week down from 10.96 on July 31 falling deeper below the oversold threshold of 20.00. Note that the stock has been below its 200-week simple moving average now of $40.58 since the week of Oct. 10, 2008.

Investors looking to buy Transocean should place a good till canceled limit order to purchase the stock if it drops to $11.38, which is a key level on technical charts until the end of August.

Investors looking to reduce holdings should place a good till canceled limit order to sell the stock if it rises to $27.63, which is a key level on technical charts until the end of 2015.

Here's the weekly chart for Tidewater.


Courtesy of MetaStock Xenith

Tidewater had a close of $18.09 on Friday down 44.2% year to date and is 41.8% below its post-crash of 2008 low of $31.09 set in March 2009. This stock traded as low as $23.38 in August 2002 and as high as $80.00 in July 2007.

Tidewater has a negative but oversold weekly chart with the stock below its key weekly moving average of $20.98. Its weekly momentum reading declined to 14.40 last week down from 14.99 on July 31 falling deeper below the oversold threshold of 20.00. Note that the stock has been below its 200-week simple moving average now of $46.27 since the week of July 25, 2014.

Investors looking to buy Tidewater should place a good till canceled limit order to purchase the stock if it drops to $15.22, which is a key level on technical charts until the end of August.

Investors looking to reduce holdings should place a good till canceled limit order to sell the stock if it rises to $22.91, which is a key level on technical charts until the end of September.

Tidewater is set to report its earnings report after the closing bell on Monday and analysts expect the company to earn 17 cents a share.

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

 

This article is commentary by an independent contributor. At the time of publication, the author held TK positions in the stocks mentioned.