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Oil surges through key threshold. Don't buy it

Michael Nagle | Bloomberg | Getty Images

A much anticipated rally in crude prices may turn out to be just a tease, technical analysts warned Tuesday as the commodity pierced through its 200-day moving average for the first time since July 2014.

Since falling to a 13-year low of $26 on Feb. 11, oil prices have bounced back furiously, up more than 60 percent, leading investors to wonder if the bottom in crude may finally be here. Traders watch the average price of the last 200 days to determine whether a security is still in a long-term trend.

But as oil bounces back, some market watchers are not buying into the move.