Oil U.S. Light Crude Futures ($64.12)

Since oil peaked at $70 in late August, it has settled into a relatively flat trading range above $60 short term support. I would not be surprised if we continued to mark time in this way for weeks into the future.

My unique price momentum models indicate that the powerful underlying long term price uptrend remains intact.

In a recent blog comment on the CRB Index, I pointed out that this index is now at important 25-year high resistance that should not be ignored. Oil and many other commodities are components of this broadly based index.