FUNDAMENTALOVERVIEWOil prices have finally reached the pre-war levelslast week as the reopening of the Strait of Hormuz and the end of the US-Iranwar triggered a quick unwinding of the bullish oil bets. We got some minor strikes between US and Iran over theweekend but that’s just noise. The two sides are still committed to theceasefire and to keep the Strait operational. The bearish bias remains intact as traders continue toprice in the increase in supply in the next months. Another bearish driver isthe Fed’s tightening risk as that’s going to weigh on the demand side.The upside risks in the short-term are mostly two. The first is that thingsbetween the US and Iran break down again and the Strait of Hormuz gets shut.The second is that the US activity data remains strong, but we see an easing ininflationary pressures which could translate into a more dovish view on the Fedand keep the downside in oil prices more limited on resilient demand. CRUDE OILTECHNICAL ANALYSIS – DAILY TIMEFRAMEOn the daily chart, we cansee that crude oil eventually reached the pre-war levels filling the68.00-69.00 gap. This is going to act as support. We can expect the buyers tostep in with a defined risk below the support to position for a rally into the78.00 resistance. The sellers, on the other hand, will want to see the pricebreaking lower to increase the bearish bets into the 55.00 handle next.CRUDE OIL TECHNICALANALYSIS – 4 HOUR TIMEFRAMEOn the 4 hour chart, there’snot much we can add here as the buyers will likely continue to step in aroundthe support, while the sellers will either wait for a pullback into the 78.00resistance or a break below the 68.00 support. CRUDE OIL TECHNICALANALYSIS – 1 HOUR TIMEFRAMEOn the 1 hour chart, wehave a minor resistance zone around the 73.00 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 US JobOpenings data and the US Consumer Confidence report. On Wednesday, we have theUS ADP report and the US ISM Manufacturing PMI. On Thursday, we conclude withthe US NFP report, and the US Jobless Claims figures. This article was written by Giuseppe Dellamotta at investinglive.com.