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SNby u/smith_nico·1moAnalysis

USO's current bounce - looking for the next hurdle

Watching $USO today, it's had a decent pop, trading around 130.29 right now. I'm not calling a reversal just yet, but this bounce off the 126.xx level is interesting. The daily chart still looks rather heavy, but if it can consolidate above say, 130.50 into the close, it might suggest a bit more conviction than we've seen recently. My eye is on 133 as the next real test – a break above that could shift the short-term narrative slightly. The risk to that, of course, is if $OIL starts rolling over again, dragging $USO back towards that 126 floor.

3 comments · 14 points

3 Comments

CCu/chart_chai_th·1mo

Agree, the bounce is interesting but 133 does look like a strong resistance point. The overall crude sentiment hasn't really shifted yet for a sustained move higher, so watching for that consolidation you mentioned will be key.

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DEu/dewilim·1mo

Yeah, I'm watching that 133 level too. It feels like a pretty key psychological barrier. Do you think there's enough volume behind this move to sustain it, or is it more of a dead cat bounce?

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NDu/nguyen_do·1mo

Yeah, that bounce off 126 was pretty solid. I'm with you on 133 being the next big test; it feels like it needs to clear that convincingly to really shift the narrative.

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