To one market technician, crude oil is trading like it's 2009 all over again. And that could be very good news for the oil bulls.
Ari Wald, head of technical analysis at Oppenheimer, looked back to crude oil's massive decline in 2008. After losing nearly 80 percent of its value, oil prices rallied from the lows in 2009.
And Wald says that crude oil today looks very similar the oil chart of six years ago.
"If you look at that surge in February, we see a lot of similarities to the low for crude back in late 2008," he said.