Futures Now

Crude's rally could be poised to test $60 per barrel, according to T3Live

Technician who called the crude rally says oil will bounce higher

Crude has been on a torrid streak, surging 35 percent from its 2017 low to its highest in more than 2 years. Now, a technician who called the initial rally says there's even more room to run.

With this week's rally, oil is up almost 6 percent year to date. Back in July, when crude was trading in the mid-$40 range, Scott Redler of T3Live predicted a move past $50 on CNBC's "Futures Now."

Two weeks later, he doubled down on his call, and upped his target to the mid-$50 range. Fast forward to last week, when oil surged to its highest level since July 2015, a move that Redler said puts the commodity on the verge of breaking another key technical level.

"I do think there's more upside" beyond $60 per barrel, Redler told CNBC last week.

On a long-term chart of oil dating back to 2015, Redler points out that crude just broke above a two year descending trend channel.

Now, with oil facing "resistance" at $57, Redler believes that the commodity could pull back a bit. It could revisit the $53 level, but investors should use the opportunity to buy for the next move higher.

"If we come back and hold above where we broke out, I do think the next move could take you to in the first quarter to about $62 to $64," he said. That move represents another 12 percent rally from current levels, which oil could hit by the first quarter of next year.

The technician who called the oil rally sees crude hitting $60