This was "a very important breakout today for the OSX," Ross said Thursday on CNBC's "Power Lunch." "That's generated a very strong buy signal here."
He says that when the index fell sharply below that smoothing mechanism in July, it generated a powerful sell signal. Now, the opposite is true.
In addition, Ross spots a recent "double bottom" on the chart, which could indicate that the index is finding buyers at a given level.
All in all, "we think there could be another 15, 20, 25 percent upside in these OSX names," he said.
From the fundamental angle, Erin Gibbs, equity chief investment officer of S&P Capital IQ, thinks investors may indeed begin to take a liking to energy stocks, which have bounced powerfully in the past month along with oil.
"I think as we move further in the year and people start looking at 2016 and we start looking again back at growth, these companies are really going to have that value," she said.
In addition, energy stocks should be supported by "the fact that they offer a 3 percent dividend yield versus 2 percent for the S&P 500. So I just see a lot more potential appreciation, versus the broader index, for energy," Gibbs said.