Price broke through resistance and out of descending channel/flag formation on a huge volume spike. The next resistance level to watch is at 7.35 ( 200-day moving average). Above this level could test 8 next. On the technical side, we also have a bullish MACD crossover. Long setup.

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Now is the time to buy oil stocks before they change course and rise, two analysts told CNBC Thursday.
"Buy them on the dip, because it will be tougher from here on out," said Pavel Molchanov, senior vice president and energy analyst at Raymond James. The sector may be lower now but it outperformed in 2009, 2010, and the first half of this year, he added.