The first thing to consider, is that after the bounce at $50 and its current positive trend, it would be very likely that the levels of $70 could be tested before the end of 2019. Given the recent US sanctions against the Venezuelan government, affecting the OIL supply coming from that country, prices might see an immediate fuel until $70 levels are tested. However, if the level of $70 is reached it might be wise to consider that this level has acted before as a resistance and act carefully then. Would see a good long trade only if this level is surpassed, where we could expect prices reaching up to $84 until 2021, where the the next possible resistance is located.
Now, given that Oil has seen the surge of Shale Oil increasing the supply in the market, and the fact that at these price levels Shale is pretty much profitable, we could see a downward bounce on the levels of $70, back to $50 by 2021. An added pressure to the downside would be a production adjustment from OPEC, as well as the world's efforts to increasingly develop renewable energy supply around the globe, which would affect the demand for oil in the long run. If we see carefully, a possible could be formed by the formed if the price bounces back from $70, resulting in prices below the level of $50 after 2021.
Well, there they are. Two possible scenarios. Upvote if you liked it!