Oil is set to surge even higher, according to one technician who sees crude rallying on thanks to his chart.
Oil climbed 3 percent on Wednesday, hitting a 15-month high unseen since July of last year. But Rich Ross of Evercore ISI doesn't believe that the crude run is done.
On a weekly chart of crude, Ross noted that the commodity is testing the neckline of a head and shoulders bottom around $51 or $52. Technicians often view these patterns as a bullish reversal in trend. And as he sees it, any further breakout would "certainly set the stage for more upside in the short to intermediate term" that could lead even higher, Ross explained Wednesday on CNBC's "Trading Nation."
Just how high can oil go? According to Ross, another neckline can be formed by extending crude's highs in May 2015, when oil hit $60. In other words, Ross believes that oil could rise another 15 percent from current levels, leaving $60 crude a very real possibility.
Oil continued to hover just below $52 on Wednesday. Crude is currently up about 40 percent year to date.