The weekly chart of the Guggenheim S&P 500 Equal-Weight Energy ETF looks bullish to me:
The above is an absolute price chart. How does RYE look relative to the market?
The chart above is RYE vs. the equal-weight S&P 500 ETF (RSP) and as with the absolute chart, it appears bullish to me. Relative performance recently broke out of a triangle and ever since has been trending higher.
All in all, a bullish outlook for energy equities tends to be bullish for crude oil. Stay tuned.