USO Should Really be Watched Here, Especially on a Closing Basis

Remember, because of the holiday on Monday, the EIA report will be due out tomorrow a.m.

 Today both highs which were in the green failed to hold on negative divergences. Right now (intraday) USO is playing out nearly the same model we see over the last 4 or so days on the daly chart and note that USO is in line on this intraday move, there was no positive divergence.

 Here's the break on volume intraday, similar to the daly chart. One can never say for sure, but it seems the EIA report is one of the most leaked reports out there judging from past experience.

 Here's the daily model I posted earlier today, it will be important to watch the close and volume which is looking like it may surpass yesterday's, this would give an entirely different character to the bear flag-like move.

Specifically (forgive my lousy graphics), a close with higher volume, which would be red and price closing below yesterday's open would be a bearish engulfing candle, a bearish reversal candle. The lower the close, the more bearish the formation would be. I still can't remember the name of this candlestick formation that I referred to in my first USO post today, but it ends like this (what you see above).