Oil U.S. Light Crude Futures ($60.70)

We have recently bounced nicely from my $55 short term price target. My long term outlook remains strong, but for the moment, my intermediate term picture (based on the weekly chart) does not support a forecast for further immediate strong recovery.

In a nutshell, my unique price momentum models are not in sync right now, and until this situation resolves itself, I'll be satisfied if the price crawls along above the healthy rising 200-Day Moving Average.