Crude oil prices have declined from its 2016 high of $51.67 per barrel on June 9 to its second-half low of $39.19 on Aug. 3, as my annual pivot of $44.07 continues to be a pivot or magnet. This month's pivot of $47.38 was tested on Sept. 8. In this environment oil is up 25% year to date and up 77.7% from its $26.05 set on Feb. 11.

The oil and gas industry continues to face of the pain of an oil glut, and only McDermott (MDR - Get Report) has been able to survive on its own with a year-to-date gain of 49% and with a gain of 126.8% since trading as low as $2.20 set on Jan. 20. Back then I called the stock an "option on survival," which is any stock trading between $1 and $3 a share. So far, McDermott his stock has been a solid survivor.

Shares of Diamond Offshore (DO - Get Report) , Noble Corp. (NE - Get Report) , Transocean (RIG - Get Report) and Tidewater (TDW - Get Report) are mired in bear market territory, down between 27% and 71% from 2016 highs set between March 4 and June 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 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 is negative but oversold with the stock below its key weekly moving average of $18.79 and well below its 200-week simple moving average of $42.00, last tested during the week of July 26, 2013 when the average was $71.05. The weekly momentum reading is projected to decline to 6.82 down from 9.35 on Sept. 9, deep below the oversold threshold of 20.00.

Investors looking to buy weakness should do so at $12.81, which is a key level on technical charts until the end of this week.

Investors looking to reduce holdings should consider doing so on strength to $22.10 and $24.33, which are key levels on technical charts until the end of September and the end of 2016, respectively.

Here's the weekly chart for McDermott.

Courtesy of MetaStock Xenith

The weekly chart for McDermott will shift to negative given a close this week below its key weekly moving average of $5.04, and well below its 200-week simple moving average of $6.39. This moving average was last tested during the week of Sept. 14, 2012 when the average was $13.27. The weekly momentum reading is projected to decline to 78.09 this week down from 81.95, falling below its overbought threshold of 80.00.

Investors looking to buy McDermott should consider doing so on weakness to $4.05, which is a key level on technical charts until the end of September.

Investors looking to reduce holdings should consider selling strength to $5.54, which is a key level on technical charts until the end of September.

Here's the weekly chart for Noble Corp.

 

Courtesy of MetaStock Xenith

The weekly chart for Noble is negative but oversold with the stock below its key weekly moving average of $6.48 and well below its 200-week simple moving average of $21.62. This moving average was last tested during the week of Jan. 10, 2014 when the average was $32.00. The weekly momentum reading is projected to be 6.94 this week vs 5.59 on Sept. 9 becoming less oversold below the oversold threshold of 20.00.

Investors looking to buy Noble should consider doing so on weakness to $4.61, which is a key level on technical charts until the end of this week. The $5.71 level is a pivot for September.

Investors looking to reduce holdings should consider doing so if the stock rises to $7.03 and $9.07, which are the declining 50-day and 200-day simple moving averages, respectively.

Here's the weekly chart for Transocean.

Courtesy of MetaStock Xenith

The weekly chart for Transocean is negative with the stock below its key weekly moving average of $10.26 and is well below its 200-week simple moving average of $30.22. The stock has been below this moving average since gapping below it during the week of Oct. 10, 2008 when the average was $92.46. The weekly momentum reading is projected to decline to 20.42 this week down from 25.23 on Sept. 9 and will likely become oversold a week from now.

Investors looking to buy Transocean should consider doing so on weakness to $8.55 and $7.92, which are key levels on technical charts until the end of this week and the end of September, respectively.

Investors looking to reduce holdings should consider doing so if the stock rises to $12.53, which is a key level on technical charts until the end of 2016.

Here's the weekly chart for Tidewater.

Courtesy of MetaStock Xenith

The weekly chart for Tidewater is negative but oversold with the stock below its key weekly moving average of $3.66 and is well below its 200-week simple moving average of $34.05. The weekly momentum reading is projected to be 8.37 vs 6.44 on Sept. 9, becoming less oversold below the oversold threshold of 20.00.

Investors looking to buy Tidewater should consider doing so on weakness to $3.31 and $2.42, which are key level on technical charts until the end of September and the end of this week, respectively.

Investors looking to reduce holdings should consider doing so if the stock rises to $3.93 and $5.82, which are the declining 50-day and 200-day simple moving averages, respectively.

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