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Watching $OIL and $USO around these levels
It's interesting to see $OIL bumping up against the $28.45 area, which feels like a bit of a sticky point from previous movements. If it can clear that convincingly, we might see some follow-through. On the flip side, $USO is holding around $130.40; a breakdown below $130.00 would certainly invalidate any bullish leanings I'm holding for now and suggest we're looking at some downside for the energy complex, despite what the CPI numbers might imply. Just trying to keep my head screwed on straight with all the crosscurrents.
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While those levels are clear, the current macro picture for energy makes any short-term technical read a coin flip. What's your long-term thesis beyond these immediate resistance/support points?