The #C-BRENT,H4 Has Turned Bullish

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The #C-BRENT price forecast in our January 23, 2020 technical analysis was bearish.

Market analyses after #C-BRENT,Daily January 23, 2020 technical analysis shows oil market bias has turned bullish.

  • The American Petroleum Institute reported late Tuesday that US crude supplies fell by 4.3 million barrels last week.
  • There have been reports OPEC considers extending output cuts until June, and even a deeper cut from current levels.
  • Here is what indicators show as of January 29, 2020:

    • The Parabolic Indicator gives a bullish signal.
    • TheDonchian channel indicates uptrend: it is tilted up.
    • The MACD indicator gives a bullish signal.
    • The RSI oscillator is level and has not reached the overbought zone.
    • The Fractals give bullish signal.
    • The MA(200) indicator gives a bearish signal.

    So the forecast for the #C-BRENT,H4 has turned bullish.

    Buy stop: Above 59.89
    Stop lossBelow 59.09

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