Yesterday, the United States Gasoline Fund (NYSEARCA:UGA) traded at its high for the year. In fact, the UGA is now trading at new four year highs. As of yesterday, the UGA is trading higher by 0.46 cents to $62.00 a share. Recently, gasoline prices in the United States have been receiving a lot of media attention. California, which is the world's eighth largest economy is facing extremely high gasoline prices at an average $4.68 a gallon. Last week, many residents in California were paying over $5.00 for a gallon of regular, unleaded gasoline. Short term traders should note that the next important daily chart resistance level for the UGA is around the $67.75 area which is the all time high from July 2008.
Other important energy ETFs such as the United States Oil Fund LP (NYSEARCA:USO), ProShares Ultra DJ-UBS Crude Oil ETF (NYSEARCA:UCO), and the iPath S&P GSCI Crude Oil Total Return ETF (NYSEARCA:OIL) were all trading higher on the day.
Traders should remember that oil, and gasoline, will often trade inverse to the price of the U.S. Dollar Index.
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The U.S. Gasoline Fund Is On Fire
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