On the charts, wholesale gasoline prices at $2.85 (U.S.) per gallon and their related ETF have a positive technical profile. Yesterday, the ETF broke above resistance on higher than average volume to reach a six month high. Last week, gasoline moved above its 20, 50 and 200-day moving average. Strength relative to the S&P 500 index turned positive at the beginning of February.
A direct way to invest is through the United States Gasoline Fund, LP (UGA), an exchange-traded note based on gasoline futures and short term notes.
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