For all intents and purposes, everything I just said about silver can more or less be said about USO, they look very similar.
The same lateral range is developing, the volume on the decline is interesting as it may be short term capitulation.
The hourly chart looks nearly identical with the same positive divergences near the bottom of the range.
The 15 min chart shows the same divergences again at the bottom of the range.
On the 1 min chart, its been mostly inline with price today, which isn't always a bad thing, it could be leading negative which would be a problem.
So I would approach USO the same way as Silver, try to buy (if you are interested in USO) near the bottom of the range and reduce you position risk, while maximizing position size.
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