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USO Retreats. Watch These Levels

Apr. 11, 2011 10:57 AM ETUSO, UGA
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 This morning the United States Oil Fund(NYSE:USO) is pulling back by 0.46 cents to $44.69 a share. WTI crude for may delivery is declining lower by 0.93 cents to $111.90 a barrel. Short term traders can watch for intra-day support on the USO around the $44.50 area. There will also be more intra-day support around the $44.30 and $44.00 levels should the USO slip further intra-day.

This morning the United States Gasoline Fund(NYSE:UGA) is trading lower by 0.39 cents to $52.69 a share. Traders should remember that the UGA made a new 52 week high last week and remains in a strong uptrend on the charts. Therefore, a pullback or consolidation from these levels is common. The UGA will have short term intra-day support around the $52.35 area.

Nicholas Santiago

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