How To Partition And Index The Table

how to partition and index my table for a special problem.

The table:

CREATE TABLE TEST (
ID NUMBER PRIMARY KEY,
U_VALUE NUMBER NOT NULL, -- Ranges from 0 - 30.000.000
O_VALUE NUMBER NOT NULL, -- Ranges from U_VALUE - 30.000.000
CREATE_TS TIMESTAMP DEFAULT SYSTIMESTAMP NOT NULL,
UPDATE_TS TIMESTAMP NOT NULL,
ITEM_TYPE NUMBER NOT NULL --<< Only 4 different values >>
);

As you can see, U_VALUE is ALWAYS lower than O_VALUE.I need to have the CREATE_TS in either main- or subpartition do drop the partitions after some time so i don,t have to use DELETE statements. The table has 360 millions rows.

The application has only 8 query which will always use a WHERE clause like this:

SELECT * FROM TEST
WHERE U_VALUE <= :1 AND O_VALUE => :2 AND ITEM_TYPE = :3

1. Is there any good technique how to create a good index for the queries (application will execute 120 queries per second)?

2. how to partition this table?