Are new highs inevitable in crude oil? The technical picture sure looks bullish....even as headlines can always change its trajectory.

My MoneyShow Chart of the Day shows the trading action in WTI futures (CLZ26) over the past year. You can see that after the initial war-driven surge, oil round-tripped to its breakout level in July. That technical test was successful – and oil has stair-stepped higher ever since.

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WTI Crude Oil Futures

Source: TradingView

More recently, the 50-day exponential moving average served as support. Oil is closing in on its September highs – and if it takes them out, the April peak remains in play.

I’m only talking about near-term futures, too. If you look at contracts that expire in various months in 2027, you’ll see new highs across the board.

That means traders are gearing up for a higher-for-longer oil price environment. Sure enough, the State Street Energy Select Sector SPDR ETF (XLE) hit a new all-time high on Friday.

My advice? Watch what markets are doing, not what pundits and politicians are saying. When it comes to oil prices and energy stocks, the technicals have looked bullish. They still look bullish. And barring some out-of-the-blue bearish headlines, the path of least resistance appears to be UP.

Disclaimer:This article represents the opinion of the author only. It does not represent the opinion of Webull, nor should it be viewed as an indication that Webull either agrees with or confirms the truthfulness or accuracy of the information. It should not be considered as investment advice from Webull or anyone else, nor should it be used as the basis of any investment decision.