It seems like the energy stocks anticipated the pullback in crude that has yet to take place but I continue to believe is right around the corner. Next decent support level/target for USO added here at 78.20 (with the suggested buy-to-cover order set slightly above).
XLE 60 minute May 7th
With the wedge overthrown now complete, all we need is a solid break below the pattern to trigger a powerful sell signal in USO/crude oil. Also note the large red volume bars, which help to confirm the impulsive selling so far following the wedge overthrow. Horizontal lines mark a few near-term supports/targets for those trading USO or any other crude proxies.
USO 60 minute May 7th