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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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Oct WTI crude oil this morning is down -22 cents (-0.24%) and Oct gasoline is up +0.0046 (+0.18%). Oct crude and gasoline prices on Monday shook off early losses and closed higher: CLV4 +0.65 (+0.70%), RBV4 +0.00133 (+0.53%). Bullish factors included (1) a weaker dollar, and (2) the larger-than-expected increase in the Sep Empire manufacturing index to the fastest pace of expansion in 4-3/4 years. Crude prices had opened lower with Oct gasoline at a 10-1/4 month low on bearish factors that included (1) Chinese demand concerns after China Aug industrial production rose at the slowest pace in 5-1/2 years, and (2) the unexpected decline in U.S. Aug industrial production.