Crude oil is down nearly 50 percent from its 52-week high set in June 2014. But Ross' chart work suggests that a recent double bottom formation has given oil a strong base of support, which will set the stage for more upside.
Read MoreOil moves lower, but still near 2015 high
"Importantly, Wednesday, you see a breakout from the neckline of the [double bottom] pattern which comes in right around $54 a barrel," said Ross. "What's great about the breakout [Wednesday] is that the rally not only took out the neckline, but it crossed above its 100-day moving average for the first time since last summer." Those two factors, said Ross, are generating a confirmed buy signal.
"I like to use these base breakouts as a measuring tool," he added. "So if you take the height of the pattern, in this case it's $10, and add it to the current price, we get a $65 target." Crude oil hasn't been above $65 since late last year. "There's plenty of upside potential, especially given the magnitude of last year's decline."
To Ross, the message is simple, "buy crude oil right here."