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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 up +20 cents (+0.39%) and Apr gasoline is up +0.0112 (+0.59%). Apr crude and Apr gasoline prices on Thursday closed lower: CLJ5 -0.77 (-1.49%), RBJ5 -0.0314 (-1.63%). Bearish factors included (1) a rally in the dollar index to an 11-1/3 year high, and (2) demand concerns from China, the world's second-largest crude consumer, after China lowered its 2015 GDP target to 7.0%, the lowest in more than 15 years, from 7.5% in 2014. Apr crude posted a 1-1/2 week high on bullish factors that included (1) the action by Libya's National Oil Corp. to declare force majeure on oil supplies from 11 Libyan oil fields due to attacks on oil infrastructure from Islamic militants, and (2) the action by the ECB to raise its Eurozone 2015 GDP forecast to 1.5% from a Dec projection of 1.0%.