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$USO Bouncing Off Previous Support Zone: Worth Watching
Been watching $USO closely, and it looks like we're seeing a bounce right off that 125.90-126.00 area again today, which previously acted as pretty solid support back in late October. The bounce isn't aggressive, but it's holding for now. If it can consolidate here and push above yesterday's high, say around 127, I'd be looking for a potential move towards 128.50. The risk, obviously, is a clean break and close below 125.90. If that happens, then 124 is probably the next stop, and my whole idea is toast. Not touching it myself until I see more commitment, but it's on my radar. $USDX strength isn't helping, but this looks more like an instrument-specific reaction.
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That 125.90-126.00 zone has been tested a few times recently; not sure how much more support it has left. I'd be cautious about calling this a strong bounce until it clears 127.50 convincingly. This could easily roll over.