Verified Investing on $USO (Nov 2, 2026)

Same with the S&P, but clearly we are driven by tech sentiment right now despite US oil crashing down on the charts. I rang I rung that bell last week about that being a key level.

And right now, bulls aren't happy on oil going down, but all of us uh other individuals are going to be very happy with oil continuing down when we go pay at the pump.

Next up into US oil, guys, look at this. And thank goodness we're seeing a rejection at this location. Now, what was curious about this, and Gareth was certainly highlighting this to all of us here in the room, uh, in the live day trading room as well.

Look at the hourly time frame for US oil, highlighting this declining trend line to focus on. Look at this at 3:00 over on Friday. We surged and plunged rather straight through that line to close underneath a key breakout place.

And that breakout would have been for the inverse head and shoulders pattern that could take US oil up to $148 a barrel. So, good thing for bears on US oil. This line got rejected uh as far as price plunging down on the chart.

Now, where can we see support near-term for US oil? Simply just get my uh trend line tool out, draw a pivot to pivot right down from the near-term lows, and you can see near-term uh support not far away on US oil, $93.73, right on top of the consolidation from the previous price action in September.

Makes sense, right? It all somewhat aligns on the chart. That should be an area of contention. Uh likely could cause some stalling out in selling pressure. But guys, keep this declining trend line on your chart.

As long as that's present, it's got an opportunity for price and it does get above, man, we could be into uh some really tough prices at the gas pumps if that does occur. So, keep that on your charts as a warning sign.