The last three times oil did this, it saw a big rally
May 06, 2019 at 12:39 PM EDT
The oil rush is just starting to cool off after black gold flew out of the gates to kick off 2019, en route to gains of more than 40% by late April. Since then – amid geopolitical tensions and global growth fears – oil has plunged about 7% from those highs. But one top technician says the rally is still on.