Oil U.S. Light Crude Futures ($60.36)

On September 24/06 I was looking for Oil to hold in the $60 support area and I expected a short term bounce from there. Today I am watching the price hang on by its teeth in the area of $60, still showing no sign of my anticipated recovery.

I'm still looking for a short term recovery once this period of relentless downside price momentum subsides, and I'm hopeful we can hang on in the $60 area for now.

I don't want to lose sight of my own positive intermediate term outlook for oil.