USO Weekly Technical Analysis
United States Oil Fund
Designed to track the daily price movements of West Texas Intermediate (WTI) crude oil using futures contracts. Oil prices are driven by global supply and demand, OPEC policy, geopolitics, and economic growth expectations.
USO Technical Analysis Summary
USO is currently exhibiting strong short-term bullish momentum as it attempts to break out of a multi-month ascending triangle pattern. Technical indicators confirm this strength, with an expanding positive MACD and rising RSI. In the longer term, the asset is attempting to transition from a massive, multi-year consolidation range into a renewed uptrend, with critical major resistance looming near the 2022 highs of 90-92.
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USO Weekly Chart
Sentiment
Short-term Sentiment (days to weeks): Bullish
Price is displaying strong upward momentum, pushing against the upper Bollinger Band and breaking out of recent consolidation. MACD histogram is positive and expanding, and RSI is rising steadily above 50.
Long-term Sentiment (weeks to months): Bullish
The long-term structure shows a series of higher lows since the 2023 bottom, and price is currently sustained above the 50-week and 200-week SMAs, which are beginning to act as solid support.
Report Metadata
- Timeframe: weekly
- Generated at: 2026-02-21T18:02:27.025Z
- Model: gemini-3.1-pro-preview
Support Price Levels
| Level | Range | Strength | Notes |
|---|---|---|---|
| $72.75 | $72.00 - $73.50 | Strong | Confluence zone of the 50-week and 200-week SMAs, acting as the base for the recent upward push. |
| $65.50 | $64.00 - $67.00 | Strong | Major structural swing lows established in late 2023 and early 2024. |
| $60.00 | $59.00 - $61.00 | Strong | Key multi-year support base from the early-to-mid 2023 bottom. |
Resistance Price Levels
| Level | Range | Strength | Notes |
|---|---|---|---|
| $83.00 | $82.00 - $84.00 | Weak | Recent local highs from late 2023 and early 2024; currently being tested. |
| $90.75 | $89.00 - $92.50 | Strong | Major structural swing highs corresponding to the mid-2022 market peak. |
Potential Chart Patterns in Formation
| Strength | Pattern | Signal | Target | Details |
|---|---|---|---|---|
| Strong | Ascending Triangle Breakout Attempt | Bullish | $92.00 | Price has been forming higher lows against a relatively flat resistance zone around 82-84 over recent months and is currently attempting a breakout. |
| Strong | Broad Consolidation Range | Neutral | N/A | Since mid-2022, the asset has traded in a very wide, choppy range roughly between 60 and 90. |
Frequently Asked Questions about USO
What is the current sentiment for USO?
The short-term sentiment for USO is currently Bullish because Price is displaying strong upward momentum, pushing against the upper Bollinger Band and breaking out of recent consolidation. MACD histogram is positive and expanding, and RSI is rising steadily above 50.. The long-term trend is classified as Bullish.
What are the key support levels for USO?
StockDips.AI has identified key support levels for USO at $72.75 and $65.50. These levels may represent potential accumulation zones where buying interest could emerge.
Is USO in a significant dip or a Value Dip right now?
USO has a Value Score of 26/100. It is not currently flagged as a significant dip in the Top Dips list. It is not listed as a Value Dip because the long-term sentiment or value-score threshold does not qualify.
View the full interactive analysis on StockDips.AI.