This chart shows that oil is going to $75: Technical analyst

Crude hits 3-month low
Bullish Tom Lee says stocks may suffer August slide
This chart spells trouble for stocks: Technical analyst

Oil hit another three-month low Tuesday morning, but one technician says the commodity is about to hit highs unseen for two years.

Craig Johnson, senior technical market strategist at Piper Jaffray, sees crude prices going as high as $75 per barrel in about a year based on a long-term chart of oil. Johnson's chart shows an inverse head and shoulders has formed, a pattern that is generally thought to predict an uptrend. This, coupled with crude breaking above a diagonal neckline, makes Johnson bullish on oil.

"I think you got $2 to $3 on the downside back to about $40," he said Monday on CNBC's "Power Lunch." "But the last time I saw a setup like this was the bottom of the market at about 2008, 2009 on the S&P 500. That was a nine-month setup, and standing that measured objective up led to a very nice return in the markets."

"Looking at this price objective [that's] standing it up, you could be between $70 to $75 in oil in about 12 months, based upon the top-line break in that neckline here," Johnson said.

But not everyone sees good times ahead for oil. A note from Morgan Stanley analysts before the Tuesday morning open stated that crude could drop down to about $35, a level that oil last hit in April.

While Erin Gibbs, equity chief investment officer at S&P Global, isn't as bearish on oil, she does believe the energy sector in general may not be headed anywhere even in the long term.

"Overall, I think the sector is very much a hold," she said. "We're seeing really high valuations [and] the energy sector is trading at about 53 times forward earnings."

"It looks like investors are really looking at not just what's going to happen in the next 12 months, but they're expecting oil to stay in these $40 to $50 ranges in the next 18 months," Gibbs added.

Oil dropped down to $42 a barrel Tuesday morning amid ongoing oversupply concerns.