Brent Bias Is Still Bullish

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The #C-LCATTLE price forecast in our February 7, 2020 technical analysis was bearish.

New data after #C-BRENT,D1 February 17, 2020 technical analysis still indicate bullish bias.

  • US shale oil production peaked in January 2020 at 9.187 million barrels a day, and declined 21,000 barrels a day in February.
  • Libya’s state oil firm NOC said it had urgently evacuated all fuel tankers from the Tripoli port after Libya National Army shelled the port.
  • Here is what indicators show as of February 19, 2020:

    • The Parabolic Indicator gives a bullish signal.
    • TheBollinger bands give neutral signal.
    • The MACD indicator gives a bullish signal.
    • The RSI oscillator has formed a bullish convergnece.
    • The Fractals give neutral signal.
    • The MA(200) Indicator gives a bearish signal.

    So the bullish forecast still stands for the #C-BRENT, D1.

    OrderBUY
    Buy stop Above 58.0
    Stop lossBelow 53.22

    Energy Information Administration 2-18-2020 report.

    Reuters.

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