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Oil is flashing a ‘significant buy signal’

Oil's bounce over the past few sessions could be a sign of future gains.

Crude traded slightly lower Tuesday afternoon at $42.71 a barrel, following a substantial bounce on Monday on news that members of the Organization of the Petroleum Exporting Countries planned to hold informal talks in September.

Even if the oil heavies don't elect to freeze supply, some analysts believe this is still the right time to bet on oil.

"I think it's a great buy," at these levels, Tim Seymour, managing partner at Triogem Asset Management, said Monday on CNBC's "Trading Nation."

"We've obviously bounced 8 percent off these lows. Sentiment was extremely strong...