USO Is Making A Move
The highly popular United States Oil Fund(NYSE:USO) is starting to catch a bid higher this morning. Spot oil and the USO both started the trading session in negative territory. However, that has now changed as spot oil is flat on the session trading around $103.10 a barrel. The USO is trading higher by 0.28 cents to $41.41 a share. Traders must watch for resistance on the USO around the $41.60 area. Remember, if fighting or protests escalate in the Middle East oil could trade higher.
The United States Gasoline Fund(NYSE:UGA) is also rallying off of its intra-day lows and is now trading lower by just 0.04 cents to $48.67 a share. The all time high for the UGA was made on March 7, 2011 at $49.98 a share. Short term traders should still watch the $50.00 area as minor daily chart resistance. Short term day traders must watch the $49.25 are as intra-day resistance should the UGA trade higher throughout the session.