USO Trade

USO recently put in a base and made some gains on the upside, last night I forgot to put in my report, "Watch for a USO pullback, it may be a SCBO" (Second Chance Buying Opportunity). If there's a worthwhile pullback, I'm guessing $33.25 is the area and if you are interested, that's where I'd set price alerts.

 The 60 min base, move up, deep pullback and reversal process (note head fake moves in the yellow boxes).

The most recent reversal process to the upside with a 30 min leading positive divegrence.

 This 5 min negative was obvious yesterday and a big part of the reason I suspected a pullback. This was another asset I was watching for a head fake on the base to enter and it took off.

This is the 1 min chart. As far as I can tell thus far, it probably has some more downside to go and then it should round in to a "U" shape, that's where it has the best risk:reward profile.

I'll be setting alerts as I think this one has a lot of potential.