Will crude oil prices inevitably reach new highs? From a technical perspective, the bullish signals are very clear. Of course, various unexpected geopolitical and supply-demand shocks could still reverse the market trend and change the original upward momentum at any time. The chart below shows the price movement of WTI crude oil futures over the past year. It's clear that driven by geopolitical conflicts, oil prices initially surged, then retreated in July, retesting a key breakout level. This pullback was a typical technical retracement test during the upward trend, and it didn't effectively break the support level. This support test proved effective, and since then, oil prices have embarked on a step-like upward trend, with consistently higher lows. (WTI crude oil futures daily chart source: EasyTrade) Recently, the 50-day moving average has continued to provide support, with oil prices repeatedly finding buying support near this level without a significant breakout. Current oil prices are approaching the September high; a successful break above this level would target the April high for the year. The above analysis focuses on near-month contracts. Observing forward contracts for different expiration months in 2027 reveals that forward oil prices have generally reached new highs. The simultaneous strengthening of the forward curve indicates a growing market expectation of a tight supply-demand balance in the medium to long term. This also suggests that market participants are pricing in the expectation that "high oil prices will persist for a longer period." Correspondingly, the State Street Energy Select Sector ETF (XLE) reached a new all-time high last Friday, with energy sector stocks reflecting the expectation of stronger oil prices in advance, resonating with the trend of crude oil futures. My view is: pay more attention to the actual market movements and don't overly rely on commentators and political statements. Regarding crude oil, the technical outlook was previously bullish, and the current bullish pattern remains intact. Unless there are unforeseen major negative news events, such as a black swan event involving an unexpected surge in supply or a significant weakening of demand, the path of least resistance remains upward.