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Gasoline Flirts With New 52 Week High



January 31, 2011 – Comments (0)

The United States Gasoline Fund(NYSE:UGA) made a new high for the year today by 0.25 cents to $43.50 a share before pulling back below to $42.95. The oil crisis in Egypt is having a direct impact on the price of gasoline. As we all know by now high gasoline prices are a direct tax on the users which is practically every consumer. The chart on the UGA remains strong at this time by trading above of all the major moving averages. There is still some minor daily chart resistance around the high of the session. Should the UGA rally higher the next important daily chart resistance level for UGA will be around the $45.00 level.

Nicholas Santiago

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