FUNDAMENTALOVERVIEWOil prices opened highertoday following the breakdown of US-Iran negotiations over the weekend. This shouldn’t bea surprise though given the strong divergence in stances ahead of the talks.There have been reports ofUS and Iran continuing to exchange messages through diplomatic backchannels,but for now we don’t have any official date for another round of negotiations. Thegood news is that the ceasefire seems to be holding, but Trump decided to put pressureon Iran by blockadingtheir ports. This has raised the risk premiumfor oil prices as a potential breach of the ceasefire is going to keep traderson edge. For now, the downside remains limited until we get an officialresolution and the end of the war. CRUDE OILTECHNICAL ANALYSIS – DAILY TIMEFRAMEOn the daily chart, we cansee that crude oil opened higher today after the failed US-Iran negotiations. Theprice will likely continue to trade in this wide range unless the war escalatesagain or we finally get a peace deal. CRUDE OIL TECHNICALANALYSIS – 4 HOUR TIMEFRAMEOn the 4 hour chart, we cansee the price fell into the lower bound of the channel again on Friday which iswhere the buyers have been stepping in since last week. Right now, we don’thave clear levels where to lean on, so if we get another pullback into the bottomtrendline, we can expect the buyers to step in again. The sellers, on the otherhand, will have a much better risk to reward setup around the upper bound ofthe channel if the price gets there. For now, it remains a buyers’ market.CRUDE OIL TECHNICALANALYSIS – 1 HOUR TIMEFRAMEOn the 1 hour chart, wehave a minor counter-trendline defining the current pullback. The sellers mightlean on it with a defined risk above it to extend the pullback into the lowerbound of the channel. The buyers, on the other hand, will look for a break toincrease the bullish bets into the upper bound of the channel. The red linesdefine the average daily range for today. UPCOMING CATALYSTSTomorrow we have the US PPI report. On Thursday, we get the latest US JoblessClaims figures. The focus remains on US-Iran headlines. This article was written by Giuseppe Dellamotta at investinglive.com.