Skandinaviska Enskilda Banken made technical forecast for Brent Crude Oil the direction and the possible targets:
Brent Crude: Bullish "Doji", but will it bite? "The downtrend is relentless and all indicators are pointing south still. The only speck of light is a potentially near-term bullish "Doji" added yesterday. The problem is that those have been seen more than once on the way down but it's not more than a 50/50-chance for them to have any impact. For today we urge to watch both 48.35 & 49.44 for clues. A break lower would target a trendline at 46.90."
The bank is suggesting to look at intermediate support levels such as 48.35 and 49.44 with the next key target as 46.90. As we see from the charts - the price is on bullish condition for breaking few intermediate support levels: 48.35, 48.20 and 48.19. Those levels are not strong enough so 46.90 key target is very possible in this situation.
By the way - the next target after 46.90 will be broken is 45.17 which is also possible to be broken within few weeks for example.
