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$USO pushing 120, watching for follow-through
Been keeping an eye on $USO this week. It’s been showing some interesting action around the 120 level. Today, it touched 120.09, which is the higher end of its day range, but hasn't sustained a strong close above it yet. If we can get a convincing break and hold above 120 in the coming sessions, that would suggest some upside momentum. The risk I'm watching is if it rolls over from here and starts closing below 117.50, especially after such a push higher, that could indicate a failed breakout attempt and a return to the prior range. I'm not looking for much movement lower than that in the short term, but that level would be key to invalidate my current thinking.
1 comments · 50 points
Yeah, that 120 level seems to be a real sticking point. Are you seeing anything in the volume profiles that suggests conviction one way or another on those probes above it?