Kilduff does expect oil to decline, and possibly fall into the $30s after the drop in demand from peak summer driving. A pickup in demand from China may also be temporary, he said.
But still, technically crude looks like it will stay in ascent for the near term.
"The trend is terrific. The chart looks like a million bucks. The chart would say: 'stay long this thing for another $10,'" Kilduff said. But if oil fails at its current level, it would be considered a double top — a very bearish formation.
Crude began to make its latest leg up on a series of production disruptions, from sources ranging from Nigeria to Canada. But analysts have said those disruptions could be temporary, and oil could trade lower when crude returns to the market.
"The market continues to trend higher in a nice channel, and nothing seems to be snapping it out of it," said Gene McGillian, broker and analyst at Tradition Analytics.
"If you look at the channel from $26 up to $50, you would think the fundamental picture has changed significantly," he said. "The fact is, technicals can drive the market for a while, but sooner or later the fundamentals are going to give you your price direction."
Oversupply remains an issue, as Iran pumps more oil into the world market and other nations continue to produce at high levels. OPEC has also done nothing to curb its production but at its meeting last week, Saudi Arabia's new oil minister said the market appears to be balancing and the trend is higher.
McGillian said another risk to prices is an improvement in U.S. economic data, which would put the Fed back on track for an interest rate hike. That would strengthen the dollar, which in turn could hurt crude prices.
Andrew Lipow, president of Lipow Oil Associates, told CNBC that oil could pull back if disruptions come to an end, but he has become more bullish on prices. "As I look out to January 2017, I'm thinking of upping my forecast to $55 a barrel and I think we're just one supply disruption in Venezuela away from hearing about $60 oil because that political environment is very unstable. The electric power situation is unstable, and that could disrupt production," said Lipow.