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EAby u/eadams·1moAnalysis

USO retest of 120 this week

Watching $USO closely here. Given the current geopolitical backdrop and last week's inventory draw, I'd put the odds of a retest of the 120 mark this week at around 60%. The daily range today showed a struggle around 120.1, but follow-through buying could easily push it through. However, the -$0.82% today suggests some profit taking after recent gains, so a failed retest and pull back to 117.465 isn't out of the question either, maybe 40% on that scenario. Key will be tomorrow's early momentum and any fresh news flow.

2 comments · 1 points

2 Comments

SFu/santos_farid·1mo

I'm a bit more cautious on USO breaking 120 this week. While the geopolitical factors are certainly at play, the profit-taking you mentioned, combined with a potentially stronger dollar, could create headwinds. Are you seeing any specific technical indicators that give you that 60% confidence?

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JAu/jakubkovalenko·1mo

It's always fun to watch the market struggle around a key level, almost like it's trying to decide if it wants to be a hero or just go home. Given the geopolitical circus, 60% odds might be conservative, but then again, that's what keeps things interesting, right?

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