The iShares U.S. Energy ETF (NYSEArca: IYE) is just one in a long line of equity-based energy exchange traded funds that have been adversely affected by falling oil prices.

In 2014, the $1.1 billion IYE lost nearly 10%. The ETF has been better this year, though a loss 0.7% is nothing to crow about. However, more recent price action suggests IYE and rival energy ETFs are trying to perk up, as highlighted by IYE’s 6.2% gain over the past month.

With IYE testing some long-term support on its monthly chart, the ETF could be ready for a notable near-term move.

“Longer term monthly chart is showing some confluence of support. The daily chart looks to be breaking out of a bullish wedge,” according to Captain John Charts.

Although Wednesday’s 8% plunge for oil prices serves as a reminder to investors that the energy still has plenty of issues to work through, some of the sector’s largest companies are taking steps to conserve cash. [Optimism for a Big Energy ETF]

“Lower oil prices are starting to have a dramatic impact on the behavior of energy companies. For example, Shell just announced a $15 billion cut in capital expenditures and the overall number of horizontal U.S. rigs has collapsed by over 200 in just the last two months. A slowdown in future exploration and production should lead to stabilization in oil prices,” said BlackRock Global Chief Investment Strategist Russ Koesterich in a recent note.

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