USO follow up

I know a lot of people are looking at USO for a possible entry, the last post I said that  positive divergence was probably our best bet in determining an entry point.

Here' what we have since the last update.

You can see the intraday shakeout-right at EXACT intraday support as usual, but we have a pretty strong 1 min positive divergence. I would prefer to see a test of the $38.65 level with a continued divergence, that would be a stronger set up, but we may not see that.

What I find bothersome at this point is the 5 min chart hasn't responded very well. I think the $39.15 level will give us a better idea of the underlying character (former intraday support). Until then, I wouldn't make any large bets here personally. As you know, I preferred buying at the bottom of the range from a risk management perspective.