USO Update

While USO could certainly be considered oversold as of yesterday's close, I don't like taking speculative positions based on oversold conditions, just look at silver and how much it continued to lose after entering an oversold condition.

Yesterday there were no positive divergences in USO whatsoever so there was no call on it. Here's what it looked like yesterday and after, you'll see today's charts and possible stops for anyone who may be in the trade.

 USO 1 min as of the close

 USO 5 min as of the close

 USO 10 min as of the close

 USO 15 min as of the close

 Currently the 1 min chart is inline with price, or confirmation.

 The 5 min chart has a very recent leading positive divergence which started around 10:15

 The stop here on the trend channel is tighter then PSLV being a 10 min chart

Again, for a intraday trailing stop I'm using a 10/22 bar average on a 10 min chart. If USO continues to hold up, the stop may be widened later by using a longer intraday time frame.