Brent Bias Is Still Bullish

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.

Energy Information Administration 2-18-2020 report.

Reuters.