A bit more downside to come

There's a strong support for oil at $37.72 and I believe that will be the bottom in the coming months.

It is only bouncing given the extreme oversold condition and that does not change the fundamental fact of an over supplied oil market and many more that are stored in offshore tankers. I highly doubt the long term log trend in black will hold. (Temporary bottom of $47)

At this point you wouldn't want to be shorting, other than waiting for an opportunity to long once the confirmation is in.

UWTI USO SDRL XLE