The US Gasoline ETF (UGA) surged off support with a gap and big move on Tuesday. This successful support test keeps the overall uptrend in place. A break below the Dec-Feb lows would reverse the medium-term uptrend. Notice how closely UGA and USO track.
About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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