FUNDAMENTALOVERVIEWOil prices continue to fall steadily after the end ofthe US-Iran war and the reopening of the Strait of Hormuz. The war relatedgains should be erased soon with the price approaching the pre-war levelsaround the 68.00-69.00 area. The bearish bias remains intact as traders continue toprice out the war premium and price in the increase in supply in the next months.Another bearish driver is the Fed’s tightening risk as that’s going to weigh onthe demand side.In the short-term, upside risks include peace between the US and Iran breaking down again and the Strait of Hormuz getting shut or US inflation data surprising to the downside and leading to a dovish repricing. CRUDE OILTECHNICAL ANALYSIS – DAILY TIMEFRAMEOn the daily chart, we cansee that crude oil continues to target the pre-war levels around the 68.00handle. If the price gets there, we can expect the buyers to step in with adefined risk below the support to position for a rally back into the 78.00resistance. The sellers, on the other hand, will look for a break to increasethe bearish bets into the 55.00 handle next. CRUDE OIL TECHNICALANALYSIS – 4 HOUR TIMEFRAMEOn the 4 hour chart, we cansee the price is trading right in middle of the two key zones. From a riskmanagement perspective, the sellers will have a better risk to reward setup aroundthe 78.00 resistance to position for new lows. The buyers, on the other hand, shouldwait for the price to reach the pre-war levels or break above the 78.00resistance to position for new highs. CRUDE OIL TECHNICALANALYSIS – 1 HOUR TIMEFRAMEOn the 1 hour chart, wehave a minor resistance zone around the 75.00 handle where the price gotrejected from several times in the past days. If we get a pullback, we canexpect the sellers to step in around the resistance with a defined risk aboveit to keep pushing into new lows. The buyers, on the other hand, will look fora break to extend the pullback into the 78.00 resistance next. The red linesdefine the average daily range for today. UPCOMING CATALYSTSTomorrow, we get the USJobless Claims data and the US PCE report. On Friday, we conclude the week withthe final University of Michigan consumer sentiment survey. This article was written by Giuseppe Dellamotta at investinglive.com.