Crude oil reached $59.40 per barrel in early trading Thursday, the highest level in more than four months. And history points to more upside ahead, says Ari Wald, head of technical analysis at Oppenheimer.
"The road map we've been following, and what we've been seeing, is a lot of similarities between the bottoming process now and the bottoming process back in 2009. We've tracked it closely, and now recently with the breakout on the current chart about $54, oil has made its first higher high again," Wald said in a Wednesday "Trading Nation" segment.
"I think that is setting up for a summertime rally into $65. That's where I'm seeing upside targets for the near term," he said.
Above that level, however, Wald predicts that "you find selling pressure."
David Seaburg, head of equity sales trading at Cowen, similarly calls for oil to remain in a range between $50 and $65.
Seaburg said in the same "Trading Nation" segment that "the closer we get to that $65 is really where a lot of the production does come back online, very quickly. And that needs to be watched."
However, with crude still below $65, "I do believe that the trade is going to last for the summer," Seaburg predicted. "Stay long energy."
Specifically, Seaburg favors exploration and production names like Anadarko.