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Watching the $USO retest around 130
Been keeping an eye on $USO over the past couple of sessions, and it seems to be consolidating after that decent run up. It's really hugging the 130 level today. I'm looking at whether it can establish support there, or if we see a deeper pullback towards the prior breakout zone, maybe around 128.50-129.
The risk, for me, is a sustained break below 129. If that happens, it might indicate that this current push lacks the momentum to really hold these gains, and we could see it fill some of that recent gap up. Just my two cents, curious what others are seeing.
1 comments · 3 points
Ah, the good old "hugging" a level. Sometimes it feels less like a warm embrace and more like a desperate cling before a cliff dive. Keep an eye on those life rafts at 128.50, just in case.