This morning, the price reached the support level of 146.29 and decisively reversed upward. Whether this determination will be enough to break through 148.66 remains to be seen—especially with the Federal Reserve's monetary policy decision scheduled for next week.
The Marlin oscillator has turned upward from the zero line. The short-term trend is now bullish. A consolidation above 148.66 would pave the way for the target range of 151.30–151.87, which aligns with the internal lines of the hypothetical price channel and the May 2024 low.
On the four-hour chart, the price is developing below the MACD line, which lies beneath the key resistance level of 148.66 and serves as the first obstacle on the way to that level. Breaking above this line (147.82) would allow the price to continue its upward movement. Conversely, a consolidation below the 146.29 level could send the price toward the lower boundary of the price channel and the target level at 143.77.
