Taking a closer look at the United States Oil Fund (USO) you can see today's heavier volume bearish close right near session lows. Could this be the momentum to push oil out of the new highs striking range?
The ETF tracking the price of light sweet crude is still technically trading within the latest horizontal channel as of the close today. But, a bearish break out of the channel to the downside could spark a quick 5 - 8% price retreat.
Perhaps a short term price break would be good for the commodity? Just don't tell that to the analysts that have price targets of $150 - $180 (per barrel) slapped on the precious commodity by the year's end.