CL stuck in a Horn pattern before final breakthough
It seems NYMEX Crude Oil may continue one more week of oscillations before it soar to a new high.
I expect it can firstly retrace below than 63 in 1~2 days then rebounds in the horn pattern.
But the pivot area (shown as Horn Pattern) is already mature, so it may breakthrough this week as well.
For scenario 1, i apply short term (like 15m) trend trade. but create middle term position for 5~8 dollars gain.
For scenario 2, I wait for short opportunity after breakthrough.
I expect it can firstly retrace below than 63 in 1~2 days then rebounds in the horn pattern.
But the pivot area (shown as Horn Pattern) is already mature, so it may breakthrough this week as well.
For scenario 1, i apply short term (like 15m) trend trade. but create middle term position for 5~8 dollars gain.
For scenario 2, I wait for short opportunity after breakthrough.
It's overvious there will be new high after 1~2 days oscillation. after that it could continue oscillation, soaring or start long time frame retracement...
So short term, on 30m level, i would make Long limited order at 65, SL:64.6
For long term, i need monitor how strong it will be after price breakthrough 66.
(i may make a new idea file after i saw divergence for price above 66)