Crude oil has been a roller coaster of a trade in 2015, but has gained only slightly for the month of February. While gains lately may be minimal, after falling for seven straight months, those gains have had some major impact on markets globally.

So where is oil headed and what should you be waiting for?

Two strategists with opposing outlooks share their game plan with CNBC's "Power Lunch" on Wednesday.

"We don't think oil will go much lower or go back to $100 a barrel anytime soon," said Strategic Wealth Partners Founder and President, Mark Tepper. "In fact, 13 percent of our stock positions are in energy." Tepper's firm owns Spectra and Chevron. He plans to hold them for a while, and notes that they pay great dividends.

Read MoreHere's how the private equity industry views oil

Our opposing strategist plans to wait for more evidence of a turnaround in oil prices.

LPL Financial Investment Strategist and Economist John Canally plans to "watch production and inventories most closely in addition to capital spending plans, rig counts, earnings revisions, valuations, and technicals." Canally believes that earnings cuts may have been played out and while the sector looks reasonably priced, other indicators they're watching tell them to wait.

On Wednesday during Power Lunch, crude oil was trading at $49.92, while Spectra Energy and Chevron were both trading higher.