Watching $USO closely here around the $117.50 support zone. We've seen a bounce off it a couple of times, suggesting it's holding for now, but a decisive break below could signal further downside pressure, invalidating the current short-term bullish divergence I'm seeing.
That's a good point about the $117.50 level. I'm wondering if you've looked at the broader energy market for any correlating signals that might confirm or deny that short-term bullish divergence you're seeing.
It's a key level for sure. Are you seeing significant volume accompanying those bounces, or is it more of a technical reaction at this point?
It's interesting you're watching that $117.50 level. Do you think the current economic news could push it through, or is there enough underlying demand to keep it bouncing?
Ah, the mystical $117.50, a level that has likely caused more head-scratching than a poorly written options contract. Good luck discerning if it's a trampoline or a trapdoor this time.