OPEC members are meeting to decide whether or not to freeze or to cut oil production. Nymex crude oil futures hit $50 per barrel last week, anticipating action to keep prices at $50 or above.

Investors in shares of Diamond Offshore (DO - Get Report) and McDermott (MDR - Get Report) have seen significant gains since these stocks bottomed on Jan. 20. Investors in Noble Corp. (NE - Get Report) , Transocean (RIG - Get Report) and Tidewater (TDW - Get Report) were not so lucky -- all three have fallen into bear market territory since hitting their 2016 highs in early March.

Did you book gains on these stocks? On April 13, I warned that while oil was poised to move higher, these five oil-services stocks would stay significantly below their March highs. Three did, two followed crude oil higher.

Here's the scorecard for crude oil and the five oil-services stocks.

 

The weekly charts shown below are mixed. The red line through the weekly price bars is the key weekly moving average (a five-week modified moving average). The green line is the 200-week simple moving average considered the "reversion to the mean." The study in red along the bottom of the chart is weekly momentum (a 12x3x3 weekly slow stochastic), which scales between 00.00 and 100.00, where readings above 80.00 indicates overbought and readings below 20.00 indicates oversold. A negative weekly chart shows the stock below its key weekly moving average with weekly momentum declining below 80.00 in a trend towards 20.00.

Here's the weekly chart for Diamond Offshore.

 

Courtesy of MetaStock Xenith

The weekly chart for Diamond Offshore ($25.31 on June 1) is positive but overbought with the stock above its key weekly moving average of $23.95 but well below its 200-week simple moving average of $45.46. The weekly momentum reading is projected to rise to 81.26 this week up from 80.66 on May 27.

The stock is up just 20% year to date and set its 2016 high of $26.37 on May 31. The stock is up 78.5% from its Jan. 20 low of $14.18.

Investors looking to buy Diamond Offshore should consider doing so on weakness to $15.09, which is a key level on technical charts until the end of end of June.

Investors looking to reduce holdings should consider doing so on strength to $26.62 and $27.11, which are key levels on technical charts until the end of this week and the end of June, respectively.

Here's the weekly chart for McDermott.

 

Courtesy of MetaStock Xenith

The weekly chart for McDermott ($4.68 on June 1) is positive but overbought with the stock above its key weekly moving average of $4.42 but well below its 200-week simple moving average of $6.87. The weekly momentum reading is projected to rise to 86.53 this week up from 86.24 on May 27.

The stock is up 39.7% year to date and is 112.7% above its Jan. 20 low of $2.20. Remember that buying a stock when trading between $1 and $3 can be considered buying an "option on survival."

Investors looking to buy McDermott should consider doing so on weakness to $3.83, which is a key level on technical charts until the end of June.

Investors looking to reduce holdings should consider selling strength to $4.92, which is a key level on technical charts until the end of this week.

Here's the weekly chart for Noble Corp.

Courtesy of MetaStock Xenith

The weekly chart for Noble ($8.35 on June 1) is negative with the stock below its key weekly moving average of $9.32 and well below its 200-week simple moving average of $23.50. The weekly momentum reading is projected to decline to 25.68 down from 33.37 on May 27.

The stock is down 20.9% year to date and is 39.9% below its March 7 high of $13.90, and up 24.6% above its Feb. 3 low of $6.70.

Investors looking to buy Noble should consider doing so on weakness to $6.70, which is the Feb. 3 low.

Investors looking to reduce holdings should consider doing so if the stock rises to $9.46 and $10.44, which are key levels on technical charts until the end of June.

Here's the weekly chart for Transocean.

Courtesy of MetaStock Xenith

The weekly chart for Transocean ($9.83 on June 1) is negative with the stock below its key weekly moving average of $9.90 and is well below its 200-week simple moving average of $32.94. The weekly momentum reading is projected to decline to 33.99 this week down from 45.63 on May 27.

The stock is down 20.6% year to date and is 27.1% below its March 4 high of $13.48, and is up 28.2% above its Feb. 24 low of $7.67.

Investors looking to buy Transocean should consider doing so on weakness to $9.62, which is a key levels on technical charts until the end of June.

Investors looking to reduce holdings should consider doing so if the stock rises to $11.25, which is a key level on technical charts until the end of this week.

Here's the weekly chart for Tidewater.

 

Courtesy of MetaStock Xenith

The weekly chart for Tidewater ($4.61 on June 1) is negative with the stock below its key weekly moving average of $6.25 and is well below its 200-week simple moving average of $37.32. The weekly momentum reading is projected to decline to 26.42 this week down from 34.42 on May 27.

The stock is down 30.3% year to date and is 60.2% below its March 7 high of $11.58, but is still up 21.6% above its May 26 low of $3.79.

Investors looking to buy Tidewater should consider doing so on weakness to $3.79, which is the May 26 low.

Investors looking to reduce holdings should consider doing so if the stock rises to $7.38, which is a key level on technical charts until the end of this week.

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