USO's Recent Move: Watching the 127 Handle

Been keeping an eye on $USO this week, and the move today is interesting. We've seen it push through the 126.00 mark and is currently trading around 126.60. The daily high hit 126.92, almost tagging 127.00. This area, around 127, has acted as a bit of a resistance point previously on shorter timeframes, so a clear break and hold above it would be a notable shift in the near-term picture for me.

If it fails to hold above 127 and starts to drift back towards the 125s, then today's rally might just be another consolidation bump. My invalidation for a continued push higher would be a sustained close below the 124.00 level. That would suggest the momentum from the past few days has dissipated and we might be looking at a retest of earlier support, or worse, a deeper correction. Just my thoughts, open to other perspectives.