Update 3 USO

Sorry about all the posts, I'm still playing catch up. I'll get to your emails if I haven't already, I'm trying to do that in between updates.

 USO 1 min  intraday reversal

 USO 5 min negative relative divergence

USO 10-min and this is the key to the longer term direction. It is currently in line, but if the 1-5 min charts continue to deteriorate, and/or the Euro resumes it's slide, we should see movement in the 10 min chart.

Oil is traded in US dollars and as the value of the dollar drops, oil's price is adjusted accordingly to make up for it. The ECB meeting lifted the Euro, however whether it's a bounce (as problems , although quiet lately still remain) off the important $1.30 level which is important support, or whether it's something more significant is the question. I'll be looking at the USD and the Euro and post that soon.