USO Update

Yesterday I showed some USO charts that suggested we'd see some strength in Crude for reasons I outlined in this post.

So far we are seeing that strength materialize in USO.

 USO has put together two strong days thus far, volume today looks set to eclipse yesterday's volume, hopefully we can get another strong close near the top of the range like yesterday.

 The confirmation of the USO 2-day uptrend, there have only been some minor negative divergences which led to normal, healthy small corrections. We are at another area now in which it appears we may see another small correction.

The 15 min chart still looks strong and in a leading positive position, however, we are at a level of gap resistance, this is probably why 3C is showing a small negative divergence.