USO broke above the $20 resistance level (finally), held support above $20.20, & breached above 21, most recently. it's in the middle of a moving average crossover forming (50 & 100 day). i take this as a breather.
so, i'm sitting here, reading some of the comments, like, rig count is down, but some might be going back online, & fracking might be making a comeback. meanwhile, USO has hit a high for the year, & also, looks like a 50/ 100 dma crossover is about to form; & i'm wondering why the shorts are so adamant, at least at this time.
also, we're heading into the summer driving season, & this should lean in favor of the bulls.
*I'm a fellow LONG
if you're down on the stock, consider selling covered calls on the position (you'll need a option account, speak to your broker). it's a strategy to make $, while you wait to break even.