USO - Oil back on the slide

Whilst the broader market saw further chop, there was very significant weakness in Oil, The ETF of USO, settled lower by -5.2% @ $18.06. Despite the net daily decline, the mid term trend is offering a turn, with a floor of 15.61 (with WTIC @ $42.41), first upside target is $60.. which would likely equate to USO in the 21/22s.


USO, 60min

USO, weekly'2

Summary

I was expecting some significant weakness today, as the API/EIA oil reports both gave another huge weekly Oil surplus.

USO is already close to hitting the price gap zone of 17.70/50s. A weekly close <$17.50 would seem unlikely.
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*I will consider going long Oil (via USO) in the $17.70/50s this Thurs/Friday.