Watching $USO Around 127
Been keeping an eye on $USO today, and it's interesting to see it bumping up against that 127 level. It feels like a pretty key resistance point from the daily chart. We saw a rejection there a couple of times last week, and while it's made a good run today, I'm just curious to see if it can actually hold above it or if we'll get another fizzle.
My personal read is that if it can convincingly break and close above 127, especially with some volume, it could signal a decent push higher. But, if it gets rejected again and starts to fall back towards 125, then the prior resistance turns back into... well, resistance, and I'd be looking for a potential retest of that 124 area. Always a coin toss with these energy plays, but the 127 level seems critical right now for directional bias.
I'm seeing similar patterns on my charts for USO. That 127 level does seem to be a significant hurdle; I'm curious if the broader market sentiment towards energy will give it the push it needs to break through this time, or if we'll see a consolidation period first.