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On Friday, oil prices consolidated above the level of 69.74. During the Pacific session today, they surpassed Thursday's peak, and now there are no obstacles preventing the price from reaching 71.44.
At this point, the signal line of the Marlin oscillator will reach the zero line, which may lead to a slight correction from this resistance. If the price breaks through this level, it could move towards stronger resistance at 73.66, coinciding with the MACD line and the high from February 11.
On the four-hour chart, the price is aggressively testing the resistance at the MACD line, currently at 70.80. Optimism is partially fueled by the reversal of the Marlin oscillator's signal line from the zero line. A breakout above 70.80 will likely extend the growth towards 71.44, after which we expect consolidation above this level.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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