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Oil Prices May Have Bottomed Short-Term

Crude prices may have seen a short-term bottom, John Licata, chief investment strategist at Blue Phoenix, said Tuesday.

Oil gained for a second straight day on Tuesday, rising above the $75-a-barrel level for the first time since January 22, on optimism about the recovery after strong economic data from China and the U.S.

"It's my opinion that we might have seen a short-term bottom in the price of crude," he said, adding that after President Obama's budget announcement, oil is likely to be picked up as an inflation hedge by investors.

Licata told CNBC investors should get ahead of the market and invest in indium as the metal's prices have the potential to rocket higher.

"Indium is used in a lot of electronics, like LCD screens including the new Apple iTablet. It's actually used in solar panels as well," he said. "By 2017 Intel will be using more indium-based components in their products."

"It's a metal that could be in short supply over the next decade. So it is one to watch," he added.