FUNDAMENTALOVERVIEWOil prices continue to edgehigher amid the lack of progress in the US-Iran negotiations and the Strait ofHormuz closure. The latest reports say that Iran proposed to reopen the Straitof Hormuz if the US blockade is lifted and then hold nuclear talks later. Trump has been insisting onreaching a deal before the US blockade is lifted and the US stock marketsmaking new all-time highs almost daily might not change his position. Thiscould prolong the stalemate and keep oil prices supported. CRUDE OILTECHNICAL ANALYSIS – DAILY TIMEFRAMEOn the daily chart, we cansee that crude oil is now trading above the 93.00 resistance zone after the breakoutin the final part of last week. We can expect the buyers to continue to step inaround the zone with a defined risk below it to keep pushing into the cyclehighs. The sellers, on the other hand, will want to see the price falling backbelow the zone to pile back in for a drop into the 78.00 support next.CRUDE OIL TECHNICALANALYSIS – 4 HOUR TIMEFRAMEOn the 4 hour chart, we cansee more clearly the recent price action with the bullish momentum increasingafter the break above the downward trendline that was defining the pullbackinto the 78.00 support. The first target for the buyers should be the swinglevel around the 105.00 handle. That’s where we can expect the sellers to stepin with a defined risk above the handle to position for a drop back into the93.00 support zone. The buyers, on the other hand, will look for a break toincrease the bullish bets into new highs.CRUDE OIL TECHNICALANALYSIS – 1 HOUR TIMEFRAMEOn the 1 hour chart, there’snot much we can add here as from a risk management perspective, the buyers willhave a better risk to reward setup around the support zone, while the sellerswill need a break below the zone to reopen the door for new lows. The red linesdefine the average daily range for today. UPCOMING CATALYSTSTomorrow we get the US Consumer Confidence report. On Wednesday, we have theFOMC policy decision. On Thursday, we get the US Q1 GDP, the US Employment CostIndex and the latest US Jobless Claims figures. On Friday, we conclude the weekwith the US ISM Manufacturing PMI. It goes without saying that the focus remainssolely on US-Iran headlines. This article was written by Giuseppe Dellamotta at investinglive.com.