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Here's the opportunity in crashing crude: BNP

How low can it go? That's what all of Wall Street wants to know about oil right now, which has fallen more than 65 percent from its June 2014 high. But according to one expert, the decline could be coming to an end, and that could create a terrific buying opportunity for some beaten equities.

"I do think the trend is lower," Darren Wolfberg told CNBC's "Futures Now" on Tuesday. But "I don't think $20 oil is in the cards," he added, referring to the grisly forecast Goldman Sachs gave the oil market in 2016.

The commodity plunged to a seven-year low on Tuesday, falling below $37 a barrel for the first time since 2009 before staging a stunning rebound, at one point rising as much as 2.5 percent at its high. Oil closed the choppy session at $37.51.

Read MoreWhat oil's plunge means for gasoline prices

For Wolfberg, there are three key levels for oil, which he said will be critical heading into next year. "I'm watching that $37.50 and $37.75 level. That was the lows from August and if we are able to hold those lows I think that could put in place a double bottom," said BNP Paribas' head of U.S. cash trading. "If we close below these levels, the bottom of the near-term trend is $35 and $34.50."

With the decline in crude has come a dismal performance in big oil stocks this year. The energy sector is the worst performer in the S&P 500 in 2015, down more than 22 percent. But among some of these beaten names, Wolfberg says there may be a few sweet spots.

Read MoreOil is more complicated than you think

"I would use weakness for those that are underweight to add exposure to energy equities over the next quarter," he said. Wolfberg identified high-dividend plays like Exxon and Chevron as potential buys. "You have to use time as your friend here, but I would scale into positions as high-yielding dividend plays."

Wolfberg expects supply-and-demand overhang to continue to plague oil prices as we head into next year, which will keep crude in the $35-$45 range that it's been trading in since August.

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