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22.05.201909:35 Forex Analysis & Reviews: Forecast for Oil (CL) on May 22, 2019

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Oil (CL)

On the daily chart, the price consolidated below the MACD line (blue indicator). The Marlin oscillator signal line turns down without leaving the zone of a downward trend, which is the zone of negative numbers. Taking a new decline line as a continuation of the trend from April 23-24, the price may overcome the 100.0% Fibonacci level at May 6 low of 60.04. The closest medium-term goal is the Fibonacci level of 110.0% on the price of 59.39. Then other levels of this technical tool are opened successively at 58.31 (123.6%), 57.53 (138.2%), and 55.98 (161.8%).

On the four-hour chart, the price is held by the indicator line of balance and the Fibonacci level of 61.8%. The support is strong, exactly from the same point of support, where the price turned up on May 20 (green arrow). But in the current situation, we are waiting for a breakthrough of the support at the Marlin oscillator, leaving the negative zone. The reason may be today's data on stocks in the United States.

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