UGA Gasoline Fund - Charts and Technical Analysis
March, 16 2012
After its most recent breakout the US gasoline fund, UGA, had entered a period of consolidation beginning near the end of February and looks set continue with sideways its price action. While most indications are that we are in for another period of volatile but sideways movement (potentially building another solid foundation for a new rally) one thing this chart does have going for it is the move off of channel support today. This keeps us inside that trend channel and in sight of challenging those recent highs.If it can break those highs then all bets are off and we very well could see a strong move up from there. Our projection, however, remains for consolidation to continue at this level for at least the near future.
MACD continues to weaken and our Multi-Slow Stochastic measurement is both mixed, and near the middle of its range, suggesting neither weakness nor strength and instead implying sideways price action is most likely.
After its most recent breakout the US gasoline fund, UGA, had entered a period of consolidation beginning near the end of February and looks set continue with sideways its price action. While most indications are that we are in for another period of volatile but sideways movement (potentially building another solid foundation for a new rally) one thing this chart does have going for it is the move off of channel support today. This keeps us inside that trend channel and in sight of challenging those recent highs.If it can break those highs then all bets are off and we very well could see a strong move up from there. Our projection, however, remains for consolidation to continue at this level for at least the near future.
MACD continues to weaken and our Multi-Slow Stochastic measurement is both mixed, and near the middle of its range, suggesting neither weakness nor strength and instead implying sideways price action is most likely.
Stay safe out there!
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