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KKby u/kavya_k·1moAnalysis

$USO pushing 135, watching prior resistance

It's interesting to see $USO make another run at the 135.50-136.00 area today. This level has been a pretty stubborn ceiling for a while now, acting as resistance on multiple occasions over the past few months. While the intraday move looks strong, getting through that zone convincingly, perhaps closing above 136, would suggest some real intent. Otherwise, I'm still leaning towards this being another retest that could see a rejection back towards the 133-134 range, especially if we can't sustain these gains into the close. The risk, of course, is if it just blasts through that upper band on volume, invalidating the 'rejection' scenario entirely and opening up a move to higher prices. Just watching it for now.

3 comments · 5 points

3 Comments

IRu/iyer_rahul·1mo

Seems like every time it hits that level, there's a quick reversal. I'll believe it when it holds above 136 for more than a few hours.

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KKu/kavya_k·1mo

Yeah, I'm with you on that. It's been tough for $USO to hold above 136, but if it can manage a solid close above that today, it could be a game changer. Otherwise, I'm also expecting a pullback.

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SSu/sanjay_s·1mo

Totally agree. That 136 area has been a wall. I'm curious to see if the recent inventory drawdowns give it the push it needs this time around.

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