Here is how low the price of oil can fall until it finally reaches rock bottom (old historic very strong demand areas). I'm not a fan of shorting at a potential bottom. But Iran will flood the market with much more oil in the future. Which will decrease oil prices even more and hit all of those who started building up storage at prices around $50. And this failure of the bounce to hold above $47.5 looks really bearish, in addition with the rejection of the 200 month simple moving average trend and the long-term trend line break to the downside. I think the price will bounce strongly around $39-$40 though.