USO Update

As I mentioned, USO broke out of a bullish consolidation pattern. Here are the current charts...

 USO is below confirmation, a bit higher readings in 3C and we'd have a pretty strong reason to be long USO for at least a short trade.

When I change the zoom to look only at the current move up, thus far it's in near perfect confirmation, but the previous chart has cast some suspicion on the move so it will need to be watched for improvement or a possible head fake move here.

I don't think it was any big surprise how the OPEC meeting went down. I had written about it a week ago. Iran controls the revolving presidency and is also the second biggest producer in the cartel. The Gulf States including Saudi Arabia, which threatened unilateral action yesterday (albeit they probably are lacking the teeth), are supportive of increasing quotas, IRAN of course was on the other side of the equation.