Oil (CL)

Oil failed to retest the MACD line on the daily chart after its first attempt on August 25, and now that moment marks a reversal with downside prospects toward the target support at 58.77.

The Marlin oscillator remains in positive territory, but if today's candle closes bearish, Tuesday may bring a strong move in both the indicator and the price. The intermediate target on the way to 58.77 is the 60.90 level.

On the four-hour chart, the price has settled below 64.00 and is attempting to establish a position below the balance line. The Marlin oscillator has established itself in the bearish zone.

The first support here is the MACD line around 63.10. However, today is a holiday in the US and Canada, so we are waiting for the price to reach a starting position for a downward move according to the main scenario.

If the price consolidates above 64.00, this will not yet trigger the alternative scenario, since the daily MACD line has gained strategic significance as a bifurcation point. Only a breakout above it (65.25) would revive former bullish optimism.