Oil (#CL)
After two days of significant decline, the price has reached the target level of 64.00, which had previously acted as strong support in March and April 2023 and as resistance in May of this year. The decline has paused at the balance indicator line, accompanied by an upward reversal of the daily Marlin oscillator.
A correction is possible toward the 66.34–67.18 range, which acted as prolonged support from October to December 2024. Afterward, we expect the downward movement to continue, as the price has formed a broad descending channel (green color). A new wave of decline may begin after the price breaks through the MACD line (62.25), which is unlikely to happen in the next few days. We maintain cautious optimism about reaching the target of 58.77.
On the four-hour chart, volatility has decreased significantly—a typical sign of a correction. The Marlin oscillator is rising sharply, seeking to release pressure in preparation for the expected new decline. The price will likely reach the target correction range of 66.34–67.18.
