FUNDAMENTALOVERVIEWOil prices have eased significantlyon Monday after Trump announced on his Truth Social account a five-day ceasefire aimedat paving the way for “a complete and total resolution of the hostilities”.However, the selloff lost momentum as Iran denied Trump’s claims. Nevertheless,the hope for the end of the war remained given Trump’s push for negotiations.Late yesterday, we gotanother spike lower after Israel’s Channel 12 reported that a month-long ceasefire couldbe announced while the US and Iran negotiate 15 key points. Traders are nowwaiting to see whether Iran will accept the plan. If it does, oil prices shoulddrop to pre-war levels. On the other hand, a rejection might take prices back neartriple digit levels.Tomorrow, there's a potential US-Iranmeeting in Islamabad, so everyone's going to be laser focused on that.CRUDE OILTECHNICAL ANALYSIS – DAILY TIMEFRAMEOn the daily chart, we cansee that crude oil broke below the 93.00 support following Trump’s ceasefireannouncement and opened the door for a correction into the 78.00 level. There’snot much else we can glean from this timeframe, so we need to zoom in to seesome more details. CRUDE OIL TECHNICALANALYSIS – 4 HOUR TIMEFRAMEOn the 4 hour chart, we cansee that we’ve gone from one consolidation to another as the price is nowtrading between the 93.00 resistance and the weekly low around the 84.00handle. If we get another pullback into the resistance, we can expect thesellers to step in with a defined risk above it to position for a drop into the78.00 support next. The buyers, on the other hand, will look for a break higherto pile in for a rally into new highs.CRUDE OIL TECHNICAL ANALYSIS – 1 HOUR TIMEFRAMEOn the 1 hour chart, there’snot much else we can add here but a break below the 84.35 low could increasethe bearish momentum as more sellers will likely pile in to extend thecorrection into the 78.00 support next. The red lines define the average daily range for today.UPCOMING CATALYSTSTomorrow we get the latest US Jobless Claims figures and a potential US-Iranmeeting in Islamabad. The focus is now on US-Iran negotiations. This article was written by Giuseppe Dellamotta at investinglive.com.