Gasoline Has More Fuel Left in the Tank 📈 The Chart Report
Chart of the Day
🏆 Today's Chart of the Day was shared by chessNwine.
The United States Gasoline Fund (UGA) broke-out of a high and tight flag to new all-time highs today.
This continuation pattern had built for weeks following the massive multi-year breakout, and suggests the path of least resistance for Gasoline is now higher.
Meanwhile, markets weakened as UGA rallied, reinforcing the negative correlation between rising energy prices and a supportive backdrop for risk assets.
The Takeaway: Upside pressure in gasoline may be an early sign that geopolitical risk is creeping back into markets.
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