Oil U.S. Light Crude Futures ($52.52)

For months I wrote about oil stuck in the $60 area, and it obediently traded in a range between $55 and $63. It was short term oversold at $55 as I saw it, so I was taken by surprise by the thump to $50 the other day.

Now it's so oversold it looks a bit like a slingshot pulled out past its breaking point. I'm looking for a sharp bounce here, just to get back into the trading range (straddling $60).