Trying to pick the bottom of oil's surprise price plunge may be tougher this time around, with analysts turning to non-traditional indicators to make predictions.
"Normally, when you have a collapse in a commodity price, it's in response to some supply demand shock," Mark Keenan, a cross-commodity strategist at Societe Generale, told CNBC. "[But] you've actually had a change in the supply and demand curve so you can't really apply traditional shock dynamics."
Like many analysts, he expects oil will fall further, citing a host of bearish supply news, such as expectations the U.S. will export more of its oil and record production levels from Iraq and Russia.
Just this week, global oil prices have dropped almost 10 percent amid mounting worries about a supply glut. The price of Brent crude for February delivery temporarily fell below $50 per barrel on Wednesday morning for the first time since May 2009. U.S. crude was trading at $47.17 on Wednesday morning.
One tool Keenan is watching is trade in put options -- or contracts giving the buyer the option to sell assets at a particular price by a set date.
"In the wake of this recent price fall, they've been quite accurate lead indicators of where prices are going to go," he said, noting many puts are being bought on Brent at $40.