I thought it be worthwile to compare the USO with XLE and QQQQ chart patterns. While they are different sectors, you can see similarities forming between the charts. Specifically, the large trough that has formed in the XLE and Q's, which is the first large trough that is outlined in the USO chart.
It looks like we could be ready for a rise in MACD and price soon, albeit a modest rise in price. What I am looking for is a divergence between MACD and price, once we have that, we have the major buy signal...
tb
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