No. The function is not differentiable at $a$ when there is _no_ tangent line to the graph at the point $\bigl(a,f(a)\bigr)$. The most typical reason for non-existence of a tangent there is when there is a corner at that point. This has nothing to do with oscillations.
However, the oscillation phenomenon also occurs. That's what happens with the function$$\begin{array}{rccc}f\colon&\mathbb R&\longrightarrow&\mathbb R\\\&x&\mapsto&\begin{cases}x\sin\left(\frac1x\right)&\text{ if }x\
eq0\\\0&\text{ if }x=0.\end{cases}\end{array}$$It is not differentiable at $0$, although it is continuous there, because the quotiente$$\frac{f(x)-f(0)}{x}$$keeps oscilatting between $1$ and $-1$ as $x$ approaches $0$.