Nymex crude oil bottomed on Feb. 11 while oil and gas services stocks Diamond Offshore (DO - Get Report) and McDermott (MDR - Get Report) bottomed on Jan. 20, Noble Corp. (NE - Get Report) bottomed on Feb.11 and Transocean (RIG - Get Report) on Feb. 24. Tidewater (TDW - Get Report) originally bottomed on Feb. 3, but gapped down to a lower low on May 26 on a negative reaction to earnings.

What about today? Crude oil prices set a 2016 high of $51.67 per barrel on June 9, then traded as low as $44.42 on Monday before rebounding to $46.77 on Tuesday. The weakness followed a report of increased production by OPEC, while Tuesday's rebound followed the stock market higher on the notion that stronger stock prices implied improving economic growth and hence increased demand for oil.

As for individual oil and gas services stocks, performance differed, as shown below.

Here's the weekly chart for Nymex crude oil.

Courtesy of MetaStock Xenith

Crude oil closed Tuesday at $46.79, up 26.3% year to date and up 79.6% since trading as low as $26.05 on Feb. 11. The weekly chart ended last week negative and will stay negative given a close on Friday, July 15 below its key weekly moving average of $46.84. Note how crude oil has been below its 200-week simple moving average since the week of Aug. 22, 2014 when this average was $96.17. Today this average is $74.99. The weekly momentum reading is projected to decline to 72.57 this week down from 78.86 on July 8.

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 5-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.

Now for the individual stocks.

Here's the weekly chart for Diamond Offshore.

 

Courtesy of MetaStock Xenith

Diamond Offshore closed Tuesday at $26.11, up 23.7% year to date and up 84.1% since trading as low as $14.18 on Jan. 20. The weekly chart is positive with the stock above its key weekly moving average of $24.74 but well below its 200-week simple moving average of $44.17. The weekly momentum reading is projected to rise to 71.94 this week up from 70.48 on July 8.

Investors looking to buy Diamond Offshore should consider doing so on weakness to $24.33, which is a key level on technical charts until the end of end of 2016.

Investors looking to reduce holdings did so in June on strength to $26.62.

Here's the weekly chart for McDermott.

 

Courtesy of MetaStock Xenith

McDermott closed Tuesday at $5.13, up 53.1% year to date and up 133.2% since trading as low as $2.20 on Jan. 20, when the stock was an "option on survival" trading between $1 and $3 a share.

The weekly chart for McDermott is positive but overbought with the stock above its key weekly moving average of $4.81 and below its 200-week simple moving average of $6.66. The weekly momentum reading is projected to rise to 82.56 this week up from 79.82 on July 8 moving above the overbought threshold of 80.00.

Investors looking to buy McDermott should consider doing so on weakness to $3.63, which is a key level on technical charts until the end of July.

Investors looking to reduce holdings should consider selling strength to $5.20, 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

Noble closed Tuesday at $8.65, down 18% year to date and up 29.9% since trading as low as $6.66 on Feb. 11. Noble is in bear market territory 37.8% below its multiyear high of $13.90 set on March 7.

The weekly chart for Noble is negative with the stock below its key weekly moving average of $8.88 and well below its 200-week simple moving average of $22.76. The weekly momentum reading is projected to decline to 21.27 down from 22.89 on July 8.

Investors looking to buy Noble should consider doing so on weakness to $8.49, which is a key level on technical chart until the end of this week.

Investors looking to reduce holdings should consider doing so if the stock rises to $12.54, which is a key level on technical charts until the end of 2016.

Here's the weekly chart for Transocean.

 

Courtesy of MetaStock Xenith

Transocean closed Tuesday at $12.84, up 3.7% year to date and up 67.4% since trading as low as $7.67 on Feb. 24.

The weekly chart for Transocean is positive but overbought with the stock above its key weekly moving average of $11.52 and well below its 200-week simple moving average of $31.81. The weekly momentum reading is projected to rise to 80.44 up from 74.03 set on July 8 and above the overbought threshold of 80.00.

Investors looking to buy Transocean should consider doing so on weakness to $9.73, which is a key levels on technical charts until the end of July.

Investors looking to reduce holdings should consider doing so if the stock rises to $13.81, 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

Tidewater closed Tuesday at $5.10, down 22.8% year to date and up 34.6% since trading as low as $3.79 on May 26. Tidewater is in bear market territory 56% below its multiyear of $11.58 set on March 7.

The weekly chart for Tidewater is negative but oversold with the stock below its key weekly moving average of $5.22 and is well below its 200-week simple moving average of $35.99. The weekly momentum reading is projected to decline to 18.52 this week down from 18.62 on July 8.

Investors looking to buy Tidewater should consider doing so on weakness to $4.30, which is a key level on technical charts until the end of July.

Investors looking to reduce holdings should consider doing so if the stock rises to $10.22, which is a key level on technical charts until the end of 2016.

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