FUNDAMENTALOVERVIEWOil prices jumped yesterdayafter a couple of negative headlines seemed to point that the Islamabad talkswere dead on arrival with Iran refusing to participate until the US blockade inthe Strait of Hormuz was lifted. Prices eased though afterTrump extended the ceasefire (unsurprisingly) to allow more time for Tehran toput forward a proposal to end the war. There's no deadline for this latestextension, so we might just get stuck in this new situation until the bombsstart dropping again or they finally reach a deal. This morning, the sentimenthas been a bit more positive after Tasnimreported thatIran received 'some sign' the US is ready to break the blockade which is givingtraders hope that the talks are going to happen soon. The price action continuesto be driven by US-Iran headlines, and this is unlikely to change until we getan official resolution. For now, the path of least resistance remains to thedownside amid the optimistic expectations but traders will keep a close eye on escalationsignals. CRUDE OILTECHNICAL ANALYSIS – DAILY TIMEFRAMEOn the daily chart, we cansee that crude oil is pulling back into the 93.00 resistance zone. That’s wherewe can expect the sellers to step in with a defined risk above the resistanceto position for a drop back into the 78.00 support. The buyers, on the otherhand, will look for a break higher to increase the bullish bets into the 120.00level next.CRUDE OIL TECHNICALANALYSIS – 4 HOUR TIMEFRAMEOn the 4 hour chart, we cansee the price broke above the downward trendline yesterday and extended thegains as more buyers piled in on the breakout. Again, the sellers will likelystep in around the resistance to position for new lows, while the buyers willlook for a break higher to increase the bullish bets into the 105.00 levelnext.CRUDE OIL TECHNICALANALYSIS – 1 HOUR TIMEFRAMEOn the 1 hour chart, there’snot much we can add here as from a risk management perspective, the sellerswill have a better risk to reward setup around the resistance, while the buyerswill need a breakout to open the door for new highs. The red lines define the average daily range for today. UPCOMING CATALYSTSTomorrow we get the latest US Jobless Claims figures and the US PMIs. Thefocus remains on US-Iran headlines. This article was written by Giuseppe Dellamotta at investinglive.com.