FUNDAMENTALOVERVIEWOil prices have beenpulling back since Monday as the positive US-Iran deal expectations keptweighing on the market. The second round of talks is expected to happen beforethe April 22 ceasefire deadline. Trump mentioned today that they might have ameeting this weekend. In the meantime, we gotreports that US and Iranian negotiators made progress in talks onTuesday and they were moving closer to a framework agreement to end the war. AUS official has also mentioned that if a framework agreement is reached, theceasefire would need to be extended to negotiate the details of a comprehensivedeal.Moreover, Reuters reportedyesterday that Iran could let ships sail freely through the Omani side of theStrait of Hormuz without risk of attacks under the proposals it has offeredin talks with the US, providing a deal is secured to prevent renewedconflict.Everything now hinges onUS-Iran talks. If negotiations were to collapse again, we might see ashort-term rally in crude oil, but as long as the ceasefire holds, the upsidecould remain limited. On the other hand, a peace deal is should increase thebearish momentum and might take WTI oil back to pre-war levels. CRUDE OILTECHNICAL ANALYSIS – DAILY TIMEFRAMEOn the daily chart, we cansee that crude oil is now trading below the key 93.00 support zone which nowturned resistance. The breakout opened the door for a drop into the 78.00support next. There’s not much more we can glean from this timeframe, so weneed to zoom in to see some more details.CRUDE OIL TECHNICALANALYSIS – 4 HOUR TIMEFRAMEOn the 4 hour chart, we cansee the price broke below the rising channel and the 93.00 support zone amidUS-Iran deal optimism and that has turned the bias more bearish. If we getanother pullback into the 93.00 zone, we can expect the sellers to step in witha defined risk above it to position for a drop into the 78.00 support. Thebuyers, on the other hand, will look for a break higher to pile in for a rallyinto the 105.00 level.CRUDE OIL TECHNICALANALYSIS – 1 HOUR TIMEFRAMEOn the 1 hour chart, there’snot much we can add here but a break below the recent low at 86.95 could see thebearish momentum increasing as more sellers pile in to target the 78.00 support.The red lines define the average daily range for today. This article was written by Giuseppe Dellamotta at investinglive.com.