GMolenkamp
Long

CL1! - Two possible scenarios for bull breakout.

NYMEX:CL1!   Light Crude Oil Futures
First chart, thoughts on CL1!

Long term
Crude Oil             is showing reversed H&S formation, furthermore CL1!             is in two wedges .Seems like a matter of time before the bull breakout will occur.

Short term
My prediction is that we will break the smaller wedge and fall to approximately ~57,68. The 4h (and up) chart is indicating the bears took over the market, and seemingly will continue to do so. I am currently short from 60,4

NOTE: This chart shows my perspective on the possible scenarios on oil             . These are merely ideas provided for public opinions/discussions. Trade cautiously.

Regards,

GM            
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