WTI crude oil is running hard to the bull, extending the gains posted over the past month. Currently, the December WTI crude oil futures contract is trading over $57.00. As my colleague Skerdian discussed earlier, there have been many reasons for the depressed oil pricing experienced over last three years or so.

Are we seeing crude oil begin a long overdue recovery?

WTI Crude Oil Technicals

On the intraday and daily timeframes, December crude is in full trend mode. The weekly chart gives us a clearer view of the macro picture.December WTI Crude Oil Futures, Weekly Chart

Often, larger timeframes can shed some light upon what the institutional players may have in store for a specific market. Here are the topside resistance levels that everyone will be watching for December WTI crude oil futures:

• Resistance(1): 38% retracement of current wave July 2014 to January 2016, $57.79

• Resistance(2): 2017 yearly high, $58.44

Overview: Sometimes technical analysis is relatively simple. Right now, crude oil is breaking out under heavy participation and bullish sentiment. The macro topside resistance levels are all that stand between current market value and a test of $60.00.

This is a fluid situation. In the event that we sustain trade above $60.00 during the North American Winter months, the market will have experienced a fundamental change. If that scenario comes to pass, WTI crude will be poised to make a run at $75.00 by mid-2018.