USO Update

Still blind, but things are happening thus far as expected. Yesterday I posted this about USO, be sure to check out the charts.


In Short, I'm still intermediate term bullish on USO, but yesterday it was bumping up against resistance and showing 3 negative divergences as you can see n the post above. Today t's backed off that resistance level.

Remember, resistance is only an exact level for technical traders. Much of what you see on a price chart s created by the two main drivers of price, those would be Fear and Greed. As I've mentioned before, a price chart is an emotional map when read correctly, therefore exact resistance/support levels are really only useful to Wall Street in shaking out technical traders who get a little too technical about these levels. The truth is support and resistance are areas and if you think about the emotional process of how each are created, you'll understand why they are areas and not exact levels.

In any case, my original thinking was for a pullback to the $37.75-$38 area. I'll be very interested to see what 3C looks like as soon as real time is restored.