Looking at this sequence of the USO chart shows us some tradeable information. First off the weekly is showing us a huge range, and within it, a smaller secondary range. The two daily charts show, one a successful test of the secondary range last week, and zooming closer in we see a series of higher lows on price and stochastics, and a nice gap just above price.
My play is this, I opened a 25 option Sept 33 call position on the open on Friday, plan is to sell or scale out on the gap fill. Then I will watch for a successful move above the next fib line or a failure of the range low for my next move with USO.
Market Sniper pointed out a trader post on playing ranges yesterday, and looking back at the weekly you can see a failure of the smaller range gives a high probability of a test to the 09 lows.
One mistake in my chart, the smaller range is the 10 lows, not the 09 lows, sorry.