Crude oil has surged more than 15 percent from its low last week, and according to one technical-minded trader, the charts are setting up for an even bigger rally.
"I think we are in the process of creating a floor," Darren Wolfberg, head of U.S. cash equity trading at BNP Paribas, said on CNBC.com's "Futures Now" on Thursday. "I don't think we're going to see new lows here."
According to Wolfberg, crude oil has broken through some key technical levels, which could set the stage for new year-to-date highs. "We're in the $10 range from $44 to $54 [a barrel]," he said.