Maintain long positions while keeping the trailing-stop tighter. The WTI Crude settled USD0.98 higher to end at USD63.08 in the latest trading session. The intraday tone was positive, as the commodity generally scaled higher for the entire session – the low and high was registered at USD61.82 and USD63.34. The positive session has placed the black gold further above the 200-day SMA line. While we note that the Daily RSI is still flashing out an overbought reading, the overall upward move should remain intact until price-exhaustion signs emerge. We maintain our positive trading bias.

Given that the WTI Crude is still extending its upward move beyond said SMA line, we continue to recommend traders to stay in long positions. These were initiated at USD49.78, or the close of 8 Jan. For risk-management purposes, a trailing-stop can now be placed below the USD61.82 level – the latest session’s low.

Immediate support is still pegged at USD58.17, which was the low of 25 Mar. This is followed by USD54.52, or the low of 8 Mar. moving up, the immediate resistance is set at USD63.59, which was the low of 18 Jun 2018. This is followed by USD66.86, ie the low of 7 Sep 2018.

Source: RHB Securities Research - 8 Apr 2019