USO Update

 USO daily doing a lot of shaking the tree around support/resistance

 Here's the zone I identified last week as a likely target accumulation zone.

 Looking at this 1 min chart, once prices get too far out of that zone, they are knocked back down and it appears accumulated again near the bottom of the zone, this happened this morning with a gap down that showed a positive divergence driving prices up, now we see a negative divergence, presumably to send prices back to the accumulation zone.

And her's the same zone with the support/resistance level, each time it breaks above or falls below it shakes out a lot of traders or causes them to enter positions that they'll likely be shaken out of.

Although the choppy action is making the chart a bit more difficult to glean clarity from, I do think that USO is still under an accumulation period before a new leg higher is launched.