USO looks poised for a breakdown below this bearish rising wedge pattern & a move down to the 10.70ish level. This 2nd, consecutive negative divergence will be confirmed via a bearish crossover on the MACD which I expect to happen soon.
As a breakdown below the wedge either today or tomorrow seems highly likely, I am going to add USO or UWTI (3x long crude ETF) as an Active Short Trade here at 12.07 while still inside the wedge. Keep in mind that shorting a security while still inside a pattern & above trendline support is an aggressive entry. More conventional/conservative traders might opt to wait for a confirmed breakdown below the wedge before opening a new position or adding to a starter position taken within the wedge pattern.
The price targets shown on the chart are the actual support levels in which a reaction is likely. The official targets for this trade will be 11.29 (T1) and 10.77 (T2) with a suggested stop above 12.35. T2 is my preferred swing target on this trade.