If you're looking to see a sharp move in oil prices off Friday's OPEC meeting, you may be disappointed.
That's because despite Thursday's 3 percent plunge in oil prices, which put energy stocks at a two-month low, one strategist argues that when it comes to the overall space right now, what you see is what you get.
"I don't think we're going to see oil go much higher, but I also don't see it going much lower," Boris Schlossberg, head of FX Strategy at BK Asset Management, said Thursday on CNBC's "Trading Nation." He spoke a day before OPEC agreed to maintain production levels.
Schlossberg suggested that oil has found its equilibrium in its current range. Although it has the potential to hit support at $50, it's not going to be "flooded like it was earlier in the year, where it got liquidated by so many speculative shorts," he said.