Here are a few key support & resistance/target levels for USO, should this rally prove to be anything more than just another fleeting oversold bounce. A short-squeeze could easily take USO up to any or all of these overhead resistance levels. A key support level to watch would be yesterday’s highs & closing price (8.69-8.55), which should contain any pullback if this rally is finally going to get some legs.
USO 60-minute Jan 22nd