USO Pullback

USO looks like it's hitting some resistance here n the area. I should note that Reuters ran a story that the IEA may consider releasing more oil during the 3rd week of July (decision time). Obviously this is not going to sit well with what's left of OPEC, and of course the logic seems very flawed and bullish for oil when/if the Cartel decides to launch counter  measures in the form of production cuts. It seems like a move by the US that just can't logically be brought to a favorable conclusion.

 Daly USO resistance

 5 min negative divergence at resistance.

 10 min. negative divergence at resistance

 15 min. negative divergence at resistance


 30 min. negative divergence at resistance, but the longer term trend in 3C seems to support the idea of higher prices in crude.

I'm looking at an initial pullback target around $36.25 or so.