USO and UCO are wrapping up what is most likely their last wave up. UCO should ideally reach around $35 and USO around $15.25. Potential negative divergence is starting to develop on the daily RSI5. Price has reached the upper end of the ideal (black box) target zone on USO and albeit price is still in a longer term uptrend (>200d SMA and above the green ascending trendline), with price getting close to these ideal targets it would not be wrong to start to take profits and/or move stops up. Cont’d below the two daily charts.
The weekly UCO chart tells us price is either wrapping up major-5 of Primary-I, or all of Primary-IV. Regardless, it tells us to expect lower prices over the coming weeks and months not higher.