Oil chart shows bear market set to resume

Oil fracking
David McNew | Getty Images

The rally in crude appears to be running out of steam with the commodity down 5 percent from its high last month.

"We are recommending clients to sell crude here, as we appear to be reaching a ceiling very quickly," said Ari Wald, head of technical analysis at Oppenheimer.

Despite a 45 percent gain from its low in March, the technician believes the long-term trend for WTI crude remains bearish.

Even if oil trades sideways for a bit, crude will experience a selloff in the third or fourth quarter of 2015, according to Wald.