“Drilling down, the fund’s July 66 call was the most active option over this time frame, with 21,852 contracts traded. Data from the major options exchanges confirms noteworthy buy-to-open activity here, meaning options traders are betting on XLE to break out above $66 by front-month options expiration at the close on Friday, July 21,” according to Schaeffer’s.

Related: Oil Exploration, Production ETFs May Be Turning New Chapter

Investors pulled nearly $91 million from XLE in the second quarter, but year-to-date, the ETF has seen inflows of $858.6 million. To start the third quarter, XLE has added $18.2 million in new assets.

On a technical basis, XLE still looks worn out. The ETF has not closed above its 200-day moving average since April and has not notched a close above its 50-day line since early this year.

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