Crude oil has broken through a significant hurdle, one that may signal that low prices are officially behind us.
The WTI contract's ability to surpass its 200-day moving average on Tuesday for the first time since July 2014 is a meaningful sign, according to Amherst Pierpont strategist Robert Sinche.
"We had a double bottom in oil back in February. We've had a good rally. It stopped a couple of times around this 200-day moving average. This could be the breakout," Sinche said on CNBC's "Futures Now.
The move comes ahead of a Sunday oil producers meeting in Doha, Qatar. The big hope for oil bulls is that the major producers will agree to freeze output at current levels.