In this morning's USO update, 3C 1 min suggested there would be a retracement in USO, but the longer term charts are looking pretty good, although the accumulation period was short, but rather intense. This may lead to a bigger move, but for now I'm considering it a gift into tomorrow's inventories report in the a.m.
USO has puled back and USO itself is not yet giving a positive divergence or buy signal on the pullback yet, however, SCO,UCO are showing some interesting signals that may be advance indications.
USO 1 min-no signal yet
UCO-leveraged long on crude is in a positive 1 min divergence
SCO leveraged short on crude is in a 1 min negative divergence.
For those considering the trade, you have a pretty decent stop close by, around $36.45 in USO.
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