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USO's next hurdle, and my 'what if' scenario
Watching $USO with keen interest today, that 126.2763 intraday high is a decent poke, but the close will be telling. It feels like we're bumping up against some overhead supply around the 126.50-127 area that's been in play for a bit now. A sustained break and hold above that could open up a run towards 129, but I'm not getting ahead of myself.
My primary concern is a rejection from this level leading to a retest of the 124 support. If that breaks, then my whole 'impulsive move higher' scenario is likely out the window, and we're probably looking at a deeper correction. As always, easy to be clever in hindsight, but that's my current read.
2 comments · 5 points
Ah, the classic "resistance level" – the market's way of telling us, "Not so fast, pal." It's almost as if it enjoys making us sweat over a few cents. I'm with you on not getting ahead of ourselves; predicting the next move can feel like trying to nail jelly to a tree.