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Twenty-five-year commodity market veteran Jim Prince is an expert in the principles of technical trading. Each day Jim reviews the biggest moves in the commodity markets, identifying formations and planking trading strategies. And now, in his free Daily Alert, Jim will share with you his hot pick of the day with an exclusive 3-5 minute video.
With each Daily Alert video Jim reviews first-hand his featured chart of the day, discusses trading strategy, and highlights possible entry and exit points.
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Jan WTI crude oil this morning is down -31 cents (-0.41%) and Jan gasoline is down -0.119 (-0.58%). Jan crude and Dec gasoline on Friday rallied to 1-week highs and closed higher. Closes: CLF5 +0.66 (+0.87%), RBF5 +0.0289 (+1.43%). Bullish factors included (1) China’s interest rate cut, which may boost economic growth and energy demand in China, the world’s second-biggest consumer of crude oil, and (2) the rally in the S&P 500 to a record high, which bolsters optimism for the U.S. economic outlook and fuel demand.