Chart of the day - OIL (18.05.2021)

Commodities are experiencing a strong rally this year with some industrial and precious metals trading at all-time highs. Strong gains could also be spotted on the agricultural goods market. Oil reached post-pandemic highs in early March but began to struggle later on. Nevertheless, reopening euphoria has arrived on the oil market as well with Brent (OIL) breaking above the $70 handle today, the highest level since March 8.

Taking a look at OIL from a technical point of view, we can see that price has been trading in an upward channel since late-March and tested $70 handle twice recently. Third attempt looks to be successful with OIL making its way above the zone near $70 today. Should the upward move continue, the next resistance to watch can be found at $71.35 and is marked with an intraday post-pandemic high.