Crude has almost doubled off its bottom from the beginning of this year, rising from $26 a barrel to over $50 and making energy one of 2016's best performing sectors on the S&P 500. One technician sees even more gains to come.
"I don't think the run is over," Rich Ross said Wednesday on CNBC's "Trading Nation." Energy stocks have rallied more than 14 percent this year.
Looking at a long-term chart of the XLE ETF that tracks the energy sector, Ross noted a recent break in a downtrend line that's been in place since 2009. "That's your first sign that the trend is turning," Evercore ISI's head of technical analysis said. Furthermore, he pointed to a big head and shoulders, which he expects to serve as a strong base of support.