USO 1 min showing two relative price points and the second around 2:30 is showing a relative positive divergence
USO 5 min showing Yesterday's relative negative divergence at the second high in the afternoon. Today there was a slight positive divergence off the open, the rest of the day it has been trading in confirmation of price again with some strength coming in late in the day.
Today's 10 min chart is more or less in line on the larger scale, but when looking at price action, there is an ascending triangle, although 3C has traded in a down trend. This is slightly negative on the 10 min chart.
The 15 min chart shows the original positive divergence on Wednesday afternoon that sent USO higher yesterday. Since then the 15 min chart is showing a positive divergence today. by making a new high for this 3 day period.
The strongest pull on USO will be the Eur/USD pair. The 15 min positive divergence that has developed today makes me think we will see some more strength in USO, but until the hourly chart shows some strength, I'm not long term bullish on USO.
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