United States Oil Fund (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 remains in a definitive structural bull market following its major high-volume breakout from a multi-year consolidation range. The recent rebound from the $105 level confirmed trend continuation, with price pushing toward new highs near the upper Bollinger Band. While short-term consolidation may occur near the $172-$176 resistance band, the long-term posture remains strongly bullish as long as price holds above the 20-week and 50-week moving averages.
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USO Weekly Chart
Sentiment
Short-term Sentiment (days to weeks): Bullish
Price is in a powerful multi-week uptrend trading near multi-year highs and the upper Bollinger Band, supported by strong RSI momentum at 67.67.
Long-term Sentiment (weeks to months): Bullish
Price cleanly broke out of a multi-year base ($60-$90) and trades well above upward-trending 50-week ($115.27) and 200-week ($83.20) moving averages.
Report Metadata
- Timeframe: weekly
- Generated at: Oct 30, 2026
- Model: gemini-3.8-flash
Support Price Levels
| Level | Range | Strength | Notes |
|---|---|---|---|
| $138.50 | $135.00 - $142.00 | Moderate | Confluence of the rising 20-week moving average (136.32) and prior multi-week consolidation support. |
| $110.50 | $105.00 - $116.00 | Strong | Major swing low from the post-breakout retest aligning with the rising 50-week moving average. |
Resistance Price Levels
| Level | Range | Strength | Notes |
|---|---|---|---|
| $174.00 | $172.00 - $176.00 | Moderate | Recent weekly swing high at 171.82 and the upper Bollinger Band at 175.82. |
| $187.50 | $185.00 - $190.00 | Weak | Psychological round number area and upper extension boundary. |
Potential Chart Patterns in Formation
| Strength | Pattern | Signal | Target | Details |
|---|---|---|---|---|
| Strong | Multi-Year Range Breakout | Bullish | N/A | Massive breakout above the multi-year ceiling near $90 accompanied by substantial volume expansion, leading to a sustained trending regime. |
| Moderate | Bullish Continuation Wave | Bullish | $180.00 | After a sharp corrective pullback to the $105 area, price formed a higher low and resumed its steep ascent toward new highs. |
Frequently Asked Questions about USO
What is the current sentiment for USO?
The short-term sentiment for USO is currently Bullish because Price is in a powerful multi-week uptrend trading near multi-year highs and the upper Bollinger Band, supported by strong RSI momentum at 67.67. 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 $138.50 and $110.50. 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 83/100. It is currently flagged as a significant dip in the Top Dips list. It is also listed as a Value Dip because long-term sentiment is bullish.
View the full interactive analysis on StockDips.AI.