If oil's rally continued toward $90, then when it dipped again, it would be unlikely to reach lows hit in March. However, if oil fails to reach $90, it is likely to retest March lows, Robin Griffiths, technical strategist at Cazenove Capital told CNBC.
If oil were to carry on towards $90 a barrel, that would "damage" any chance of further "V-shaped" recoveries in stock markets, Griffiths said.
"The longer-term trend (for oil) will resume in the upward direction," he said. "We should get used to oil being in the $50 to $70 range."
For the risk-adverse, the 30-year U.S. Treasury note yield is one of the "lowest risk assets you can take and is offering you now a greater return," Griffiths said.
"A roundup between these levels (4.63%) and 4.5(%) maximum yield is where the long-end of the bond market is going to come out as the most compelling investment for most people," he said.
- Watch the full interview with Robin Griffiths above.