Crude oil rallied back above $60 a barrel on Tuesday, now up nearly 45 percent from its March low, but one top technician is seeing signs in the charts that a pullback is due.
"I think it might be time to pump the brakes on the crude trade," technical analyst Rich Ross said Tuesday on CNBC's "Trading Nation."
Specifically, Ross is troubled by the fact that crude has "failed to hold its year-to-date high" that comes in just under $63 a barrel, which also happens to be the measured upside target from its base breakout. "That base breakout had a projected move up to $63 a barrel and that's exactly where crude went." This kind of move, said Ross, often portends to a near-term price decline.