Crude Oil Price Prediction: Crude Oil Markets Rebound

Although there has been a lot of volatility in the West Texas Intermediate Crude Oil market over the last several weeks, Monday's trading session saw a tremendous amount of positive pressure. However, I also acknowledge that we have been heading lower for some time, and each subsequent high has been lower. We broke above the $100 mark, and it now appears like we are going to threaten some form of rebound. The $106.27 mark is the location of the 50 Day EMA. In the end, I predict that sellers will enter this market at the first indications of tiredness and drive it toward the 200 Day EMA.

The Brent markets also had a substantial uptick throughout the trading day, breaking beyond the $105 barrier. As a result, the market appears to be in the mood to test the prior uptrend line, which will be a very intriguing region to follow. In addition to the prior support that should now be resistance, the 50 Day EMA is also present in that approximate area.

As a result, I believe it's only a matter of time until we start to see indications of weariness, and I will start shorting at that point. However, it's feasible that we may move as high as the $113 level if we were to break over the 50 Day EMA. In the end, I believe this market will continue to see significant volatility, making it challenging to maintain positions. However, it's feasible that we may try to recover fully if we do break out to the upside.