FUNDAMENTALOVERVIEWOil prices dived onWednesday after Trump announced on Truth Social a two-sided ceasefire agreementfor two weeks while the US and Iran negotiate a lasting peace deal. Since then,the price action became more rangebound due to Israeli attacks against Lebanonwhich the Iranians have been saying was part of the ceasefire agreement.The good news is that Iranheld off from retaliating ahead of the peace talks in Islamabad this weekend.But the uncertainty has been keeping the markets in check, nonetheless. The Strait of Hormuz remains basically closed and the Iranians are just letting a limited number of ships to cross it. Trump has already complained about this on Truth Social, but for now both sides are holding off from breaking the ceasefire. Everything hinges on these peace talks as the restart of the war would triggeranother surge in oil prices. On the other hand, a peacedeal would lead to another selloff in crude oil potentially bringing pricesback to pre-war levels. CRUDE OILTECHNICAL ANALYSIS – DAILY TIMEFRAMEOn the daily chart, we cansee that crude oil bounced around the 93.00 support zone as the buyers steppedin with a defined risk below the support to position for a rally back into thehighs. The sellers will want to see the price falling below the support to pilein for a drop into the 78.00 support next.CRUDE OIL TECHNICALANALYSIS – 4 HOUR TIMEFRAMEOn the 4 hour chart, we cansee the price has been rejecting the support and the lower bound of the channelas the buyers continue to pile in for a rally into new highs. We can expect thebuyers to continue to lean on the support and the bottom trendline to keeppushing into new highs, while the sellers will need a break lower to open thedoor for new lows.CRUDE OIL TECHNICALANALYSIS – 1 HOUR TIMEFRAMEOn the 1 hour chart, there’snot much we can add here as the price action has been messy not giving anyclear level where to lean on except the major support and the lower bound ofthe channel. The buyers should keep on leaning on the bottom trendline and thesupport, while the sellers should wait for a break below the support to pile infor new lows. The red lines define the average daily range for today. UPCOMING CATALYSTSToday we conclude the week with the US CPI report and the University ofMichigan Consumer Sentiment survey. The US-Iran negotiations are expected tobegin tomorrow now but we still might get some headline today, so keep an eyeon that. This article was written by Giuseppe Dellamotta at investinglive.com.