USO sticks stubbornly to support for a 3rd day, but refuses to move higher off the breakout move of Thursday of last week.
This is the daily chart's bull flag with a 3-day long breakout above the top of the flag consolidation. Last week I mentioned that flags like USO typically have 5 points of contact before they breakout, as USO did.
This is this morning's trade so far, once again testing support and finding support at the top of the bull flag.
The 30 min chart suggests this breakout won't last in the near term.
The 10 min chart agrees
Yet the 5 min above and 1 min below show continued positive divergences at support.
Perhaps USO is waiting for move is the Dollar Index, I really don't know why it's persistently sticking to support, but refuses to improve higher. Based on 3C, I've had a short term bearish view, but an intermediate term bullish view.
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