Some considerations to start the week. The short term: crude and distillate ended last week beneath their lower bollinger bands (daily). RBOB was pressing. The longer term: we have crude and RBOB threatening their 200 week moving averages. Any bounce this week and we will have to quickly assess whether we are looking at temporary relief for a minor overextended condition or more significant bottoming action. also consider, any further downside to start the week will have us testing more critical levels and push these markets into a more overextended short term condition. Suggest caution for both bears and bulls.
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