This morning, the highly popular United States Oil Fund(NYSE:USO) is trading higher by 0.12 cents to $44.65 a share. The USO made a new 52 week high on April 8, 2011 at $45.20 a share. This level will still be minor daily chart resistance. Until the April high is breached on a closing basis traders should not expect a breakout in the USO.
The USO will have short term intra-day resistance around the $44.75 and $45.00 levels. Traders must also keep one eye on the U.S. Dollar Index. The U.S. Dollar, and the USO seem to trade inverse lockstep to each other.
The United States Gasoline Fund(NYSE:UGA) is trading higher this morning by 0.44 cents to $54.23 a share. This is a new all 52 week high for the UGA. The average price of gasoline in the United States is now $3.92 a gallon. Higher energy prices are a direct tax on the U.S. consumer. The Unites States Gasoline Fund has increased higher by 40.0 percent since the Federal Reserve announced its QE-2 program in late August 2010.
Nicholas Santiago
InTheMoneyStocks.com
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InTheMoneyStocks.com is a research and consulting company focused on guiding investors, swing traders and day traders to financial success. Their Chief Market Strategists analyze the markets while making calls on everything from stocks to commodities and currencies. Their goal is to not only guide their subscribers but also teach them their proprietary methods leading them to become investing and trading masters.
Nicholas Santiago
