USO's current range and a potential breakdown

Been watching $USO today and it's holding up pretty well around the $126.6 mark, having touched a low of $124.17 earlier. The daily chart suggests this area, particularly around $124.00-$124.50, has been a decent support zone on previous dips over the last week or so. It feels like there's a consolidation forming here after the run-up.

My concern is if we see a sustained breach below that $124.00 level. If that floor gives way, the next significant support I'm eyeing is closer to $121.00, possibly even $119.50 if the momentum picks up. The risk to this breakdown scenario is a sustained move above today's high of $126.92, potentially pushing towards $128.00. That would invalidate the current consolidation as a potential top and suggest further upside. Just my observation.