If we analyze Brent on the H4 timeframe, we find that it is in a sideways zone ranging from $71.40 (Support) to $78.40 (Immediate Resistance). Therefore, considering a Chartist projection of a sideways trend, we can say that the projections for the price of crude oil are towards the $85.20 zone, which is confirmed by areas of high liquidity. This also coincides with a 23.6% Fibonacci retracement level.

“It is a blend of crude oil that is primarily extracted from oil fields in the North Sea, off the coasts of Norway, the United Kingdom, and Denmark. The name ‘Brent’ comes from the Brent oil field, located in the Brent oilfield in the North Sea. This field was one of the major sources of crude oil for many years and became a benchmark for oil prices.