I think USO is at the point where it is very likely maxed and just going through the shakeout/head fake phases at the end. DTO is the 2x leveraged Oil short ETF that I like as well for those who want to play an equity position, it has strong positive signals so I like it.
I'll add to the spec sized position in place and bring it to a normal, but still small position size.
$USD 1 min intraday looks like it will take off, that typically isn't good for oil.
The 1 min USO chart and in yellow a head fake move on the open,. I thought there was a small possibility that USO forms a relative positive divergence at the very bottom of 3C today if it doesn't make a new low now, it just did, that's very weak, but it is intraday positive.
The head fake is in yellow, it may stand as the head fake (high).
The 3 min chart has some obvious small positives or positive.
Nothing positive out to 5 min so the move is capped.
This is the longer term 60 min chart.
If I do add to USO, that means DTO is also an add to or a new long position in my view. I likely won't post any more charts as things are either going to happen very quickly or more likely make Monday an important day.
If they can ramp the market, change sentiment to more bullish and let that marinate over the weekend, it may be more effective.
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