USO / CL

The drop in Crude/USO wasn't on the EIA report this morning at 10:30, although it wasn't a glowing report, it lost ground overnight with some signs of a short term negative yesterday afternoon, but there are some indications that USO is seeing some buying down here.

 Crude Futures overnight to present.

USO 1 min chart shows a negative divergence yesterday afternoon, it slipped from there. On the gap down the 1 min chart is going positive here and starting to lead positive, it hasn't made it to longer timeframes yet, but I suspect it will need a little lateral price action before that happens which I think most likely will.