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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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Apr WTI crude oil this morning is down -86 cents (-1.73%) and Apr gasoline is down -0.0308 (-1.56%). Apr crude and Apr gasoline prices on Friday closed higher with Apr gasoline at a 2-1/2 month high: CLJ5 +1.59 (+3.30%), RBJ5 +0.0751 (+3.95%). Bullish factors included (1) the smaller-than-expected downward revision to U.S. Q4 GDP, and (2) strength in gasoline due to supply concerns about shutdowns at several U.S. refineries including Motiva Enterprise LLC’s Port Arthur, Texas, refinery, the largest in the U.S.