USO Update

It looks like we hit the bottom of the USO/Oil consolidation yesterday with the closing Doji Star. So far today, everything looks good for continued gains, but remember I do not see this as an oil reversal, but a counter trend rally.

So far...

 USO daily chart with yesterday's Doji Star, which is the close we were looking for 24 hours before hand and on volume.

A bereakout above $20 would be the official start of the next leg and a psychological barrier that should increase upside momentum.

 Intraday crude futures are perfectly in line with price movement/3C.

On a longer 5 min chart, this is the accumulation/positive divergence we want to see in to a head fake/stop run or pullback, the lows are the lower wick of yesterday's doji star.

On a longer term 6 min chart we see the same positive divgerence in to the pullback.

So far everything looks good for another leg higher, USO has the gas in the tank.