I was looking at USO today after reading that supply cuts are some of the deepest ever by OPEC and that surplus would be in balance by June at this rate. On 2/7 uso put in a failed supply test. There was a hammer on lows of consolidation on high volume. It shows buying and support but that there is still supply at those areas.
Should see price fail to rally much higher at this point and come back down to test the area and maybe push even lower.