FUNDAMENTAL OVERVIEW Crude oil opened the week with a negative gap following some positive developments over the weekend. The US halted its strikes after 13 days of attacks and Iran said it will maintain a ceasefire so long as the US remains on pause.This has led to some optimism as traders took this latest development as an early sign of a potential de-escalation. It goes without saying that the price action will continue to be driven by US-Iran headlines.Oil prices will likely remain under pressure amid the de-escalation expectations, but traders will keep a close eye on the headlines as things can re-escalate quickly with just a single Trump’s post. CRUDE OIL TECHNICAL ANALYSIS – DAILY TIMEFRAMEOn the daily chart, we can see that crude oil broke out of the major downward trendline last week but couldn’t sustain the breakout following positive developments on the US-Iran front. The sellers piled in as the price fell back below the trendline and will target the support zone around the 78.00 handle. If the price gets there, we can expect the buyers to step in with a defined risk below the support to position for a rally into new highs. The sellers, on the other hand, will look for a break to extend the drop into the 68.00 support next.CRUDE OIL TECHNICAL ANALYSIS – 4 HOUR TIMEFRAMEOn the 4 hour chart, we can see the price broke below the upward trendline that was defining the bullish momentum flipping the near-term outlook to the downside. There’s not much we can glean from this timeframe, so we need to zoom in to see some more details.CRUDE OIL TECHNICAL ANALYSIS – 1 HOUR TIMEFRAMEOn the 1 hour chart, we have a minor downward trendline now defining the bearish move. The confluence with the broken upward trendline, the major downward trendline and the gap should act as a strong resistance zone. If we get a pullback into the resistance, we can expect the sellers to step in with a defined risk above the minor downward trendline to keep pushing into the 78.00 support. The buyers, on the other hand, will look for a break above the minor downward trendline to pile in for a rally into new highs. The red lines define the average daily range for today. UPCOMING CATALYSTSTomorrow, we get the US Consumer Confidence report. On Wednesday, we have the FOMC rate decision. On Thursday, we get the US PCE price index, the Advance Q2 GDP and the Jobless Claims figures. On Friday, we conclude the week with the US Q2 Employment Cost Index. Keep in mind that the price action will continue to be driven by US-Iran headlines. This article was written by Giuseppe Dellamotta at investinglive.com.