The USO has reached its initial short covering target price of $29.40 for its 2nd leg (monthly) down from its Selloff Alert issued at the end of April.
This price differential constitutes the bulk of the USO forecast short gains projected in this seasonality (May and June).
This fulfillment has occurred on an AEV and a CCEV basis, as well as some coordinate shorter-term fQEV bases (3QEV, 4QEV, etc)
Although there may be downside price risk going into October from these levels, the short-term trading bias going into July from here suggest relative stability and even modest recovery potential in price into the first week of July on an AEV basis.
Close inspection of a 4 year daily action (PCEV) chart of the USO or the /QM will confirm these findings and this analysis.