Crude Oil

May Light Crude Oil is starting to head into a resistance zone.  There is a cluster of fib resistance tracing to some pivot points as far back as Aug '10.  I would label this zone from 113.15-121.15 with some stiff resistance around the 117.50 area.  In front of this level you also have some pivot point resistance lining up with the MR2 @ 115.25 and WR2 @ 116.92.  The most recent move up of the 97.02 pivot low has been strong with a shallow retracement and a 3:2 skew breakout.  The 261, 361, 461 extensions of this pattern are 113.15, 117.14, and 121.13 respectively.  I would expect these recent run-up to stall around one of these extensions as it also coincides with some fib resistance from much older patterns.  Let's see if we can stretch a bit higher, stall, and then retest the 108.25 pivot high.