FundamentalOverviewThe crude oil market wentinto a dormant state ever since the end of the Israel-Iran conflict. We haven’tgot much in terms of new information since then which kept the price actionrangebound. The tariffs trade should nowbe near the peak as pretty much everything is priced in and everyone knows we’lleither get further deadlines or deals within the 10-20% tariff range. The OPEC+ increases insupply have also ceased to influence prices as the market priced that in and weare approaching the end of their output hikes.This leaves us witheconomic data and the Fed as potentially the next major drivers of asset pricesfor the rest of the year. The growth and inflation picture should remain skewedto the upside for now as the Fed forward guidance remains tilted towardseasing. That should keep the market supported.Crude OilTechnical Analysis – Daily TimeframeOn the daily chart, we cansee that crude oil continues to bounce from the key supportzone around the 64.00 handle. The buyers keep on stepping in around the supportwith a defined risk below it to target a move back into the 72.00 resistance.The sellers will need a break below the key support to open the door for a dropinto the 55.00 handle next. Crude Oil TechnicalAnalysis – 4 hour TimeframeOn the 4 hour chart, we cansee that we have a range now between the 64.00 support and the 69.00resistance. The market participants will likely continue to play the range bybuying at support and selling at resistance until we get a breakout on eitherside.Crude Oil TechnicalAnalysis – 1 hour TimeframeOn the 1 hour chart, we cansee that the recent price action has been pretty messy. This is what generallyhappens in rangebound environments and what kills most traders as they give theprofits back to the market. We have a few levels here like the resistance at67.68 and the trendlinearound the 65.50 level. Traders will likely lean on those levels but from arisk management perspective, it would be better to step in around the keysupport or better yet, wait for a clear bullish catalyst. The red lines definethe average daily range for today.UpcomingCatalystsToday we have the US Job Openings andConsumer Confidence data. Tomorrow, we have the US ADP, the US Q2 GDP and theFOMC rate decision. On Thursday, we get the US PCE price index, the US JoblessClaims and the US Employment Cost Index. Finally, on Friday, we conclude theweek with the US NFP report and the US ISM Manufacturing PMI. This article was written by Giuseppe Dellamotta at investinglive.com.