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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 planning 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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Oct crude oil this morning is down -$1.10 a barrel (-2.24%) and Oct gasoline is down -0.0457 (-3.05%). ?Monday's closes: CLV5 +3.98 (+8.80%), RBV5 +0.0699 (+5.00%). ?Oct crude oil and gasoline on Monday closed sharply higher with Oct crude at a 1-month high and Oct gasoline at a 2-week high. ?Bullish factors included (1) the weaker dollar, (2) the IEA's downward revision in its U.S. crude production estimate for the first half of 2015 to 9.4 million bpd from a previous estimate of 9.53 million bpd, and (3) OPEC's comment in its monthly magazine that it is ready to talk to other crude producers outside of OPEC in order to achieve "fair prices."