USO Update

So far this morning, that's one heck of a move in USO, especially if you used a leveraged ETF like UCO (up nearly 6%)

 Here's that resistance level  I mentioned (gap resistance) and the small negative divergence, USO consolidated for about 10 mins. and broke right through.

 Here's the daily chart.

 The move s very strong and getting very parabolic as it trades in the 2nd BB channel. These parabolic moves tend to take a break at some point.

 For traders looking for a tight stop, I'd say this 50 bar (1 min) will preserve a lot of profit.

For those who are willing to ride out a consolidation, I think this 50 bar (5 min.) might work well. If the trend consolidates and moves up more,  traders choosing this stop will probably have to widen out the stop on the next leg up as subsequent pullbacks tend to be deeper.