This morning the United States Oil Fund(NYSE:USO) is pulling back by 0.46 cents to $44.69 a share. WTI crude for may delivery is declining lower by 0.93 cents to $111.90 a barrel. Short term traders can watch for intra-day support on the USO around the $44.50 area. There will also be more intra-day support around the $44.30 and $44.00 levels should the USO slip further intra-day.
This morning the United States Gasoline Fund(NYSE:UGA) is trading lower by 0.39 cents to $52.69 a share. Traders should remember that the UGA made a new 52 week high last week and remains in a strong uptrend on the charts. Therefore, a pullback or consolidation from these levels is common. The UGA will have short term intra-day support around the $52.35 area.
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
