USO Update — Bullish Pattern Setting Up Again

The last time we had a symmetry setup in $USO ($31.86, up $0.05), we did see a healthy decline off resistance, but it did NOT make the full target to the downside. Instead, it is holding on top of a SYMMETRY support decision at the $31.23 area. Note that the prior decline was $1.88 vs the decline into the recent low at $1.89.

IF we continue to hold above this low, the upside potential is to the $33.62 area. There is a resistance hurdle on the way up at the $33.29 – $33.39 area to be aware of, but for now I would be looking at buying pullbacks until proven wrong!

The MAX risk is defined below the recent low.