Member @dpatel asked for my thoughts on USO (crude oil etf) in the trading room so here is my daily chart along with my thoughts. USO is currently challenging the March 18th reaction high. While on face value, a solid break above that level would be bullish, the negative divergences in place on the 60-minute through daily time frames could foil any breakout attempt, even if USO clears the 3/18 highs for several days. Longer-term the charts remain constructive but the near-term outlook is somewhat unclear to me at this time.
USO Attempting to Breakout
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