The oil price has gotten a bit of a bounce recently. However, there is some good analysis from the World Cycles Institute, that oil could bounce up to around $35.00 - $37.00 before eventually dipping all the way to about $10.00.

The idea that oil could bounce back to $35.00 - $37.00 doesn't seem unreasonable when looking at the oil price chart. But the move to $35.00 - $37.00 likely represents a head fake because once the second to last blue support line gives way, you can see that support for the oil price is a long ways down from current levels.