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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 -2 cents (-0.03%) at a 1-week low and Jan gasoline is up +0.0045 (+0.22%). Jan crude and Dec gasoline on Tuesday fell to 1-week lows and closed lower. Closes: CLF5 -1.69 (-2.23%), RBF5 -0.0135 (-0.67%). Negative factors included (1) the comment from the president of Russia’ state oil producer, OAO Rosneft, that even if crude prices dropped below $60 per barrel it would not force Russia to curb crude output, and (2) the unexpected decline in U.S. Nov consumer confidence to a 5-month low.