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This morning, the oil price (CL) reached the support level of 65.27 for the second time, bouncing upward just as it did on March 5. However, this time there is a convergence forming with the Marlin oscillator.
This signal is strong enough for the oscillator to test the -1.9145 level (a visible resistance) or potentially move slightly higher. If the price consolidates above 66.77 by that point, the Marlin oscillator may gain enough momentum to move into positive territory. This would indicate a market reversal toward growth, with a target of 68.45 (the low from December 20, 2024).
On the four-hour chart, the price has also formed a convergence with the oscillator. A breakthrough above 66.77 would enable an attack on the MACD line at 67.60, which aligns with Monday's peak. If this level is broken, it would pave the way for a final push towards the 68.45 target.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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