USO Follow Up

While USO's primary trend is still up in the air, the recent plunge has USO looking oversold and has given smart money the chance to pick up a lot of shares on the cheap if not forced them to do so as market makers and specialists.

 USO's break of the channel on volume.

 The hourly chart seems to support a more pessimistic longer term view of USO, but that is over many months and needs to be confirmed still with the recent QE3.

 As of now, the 15 min chart is just starting to go positive.

 That strength is coming from the 10 min chart that is leading positive.

As well as the 5 min chart, I don't want to be short USO here. I don't want a lot of long exposure either, but perhaps a little on a speculative trade may be worth a shot as this 5 min divergence is quite impressive.