Oil - Will it break out? or retrace back in the range?

25 may 2021

My investments are never solely based off of technical analysis, but I think it still provides an interesting perspective. It's interesting to see horizontal S/R levels being respected even in cyclical commodities, such as oil. For example, the $66 level has been such a huge S/R in the past decade, and a massive resistance level, in the past few years. Now so far in 2021, we have seen continued accumulation below this resistance level. Does this mean that we may finally see oil breaking out above $66? If so, could the next target be around $99 or even over $100? Well, my investment decision is ultimately driven by my macro view, but in terms of trading (deciding entry/exit prices), I would simply trade level to level and adjust my portfolio accordingly. :)