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USO Creeps Higher, Watch These Levels



July 12, 2011 – Comments (0) | RELATED TICKERS: USO , UGA , OIL

The United States Oil Fund(NYSE:USO) has rallied higher by 0.14 cents to $37.43 share. The USO started the morning around the $37.00 level and has rallied slightly higher throughout the day. Traders can watch for intra-day resistance around the $37.50 and $37.65 levels. The USO will usually trade inverse to the U.S. Dollar Index.

This morning, the United States Gasoline Fund(NYSE:UGA) is trading lower by 0.31 cents to $51.40 a share. Traders can watch for short term intra-day support around the $51.00, and $50.75 levels. Should the UGA trade higher throughout the session there will be short term intra-day resistance around the $51.65 and $52.00 levels. The UGA still remains very strong on the daily chart at this time. The average price for a gallon of regular gasoline in the United States is currently $3.64.

Nicholas Santiago

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