Crude has remained in a trading range of 77-110 for 3 years. Now it is trading at the level of 103.70, near the 61.8 fib level. In the charts, daily and hourly, the RSI stood at overbought levels, and the price is trading at the level of crucial resistance at 103-105. It is not a safe bet to add longs in this phase. Until the price moves above the level of 105.0, we are in bearish mode. Oscillators are not supporting the up move from here. July 2013, RSI stood in the overbought zone of 75.0, after that again today RSI came back to the 74.3 levels. I expect some major trend changing will take place.
Intraday support-
S1 102.8 R1 104.0
S2 102.35 R2 105.2
Positional-
S1 101.5 R1 104.0
S2 99.0 R2 105.2
