Maintain long positions. The WTI Crude added USD0.63 to end at USD64.61 in the latest session. The low and high were at USD64.05 and USD64.70. The black gold’s price actions in the recent two sessions indicate a minor consolidation may be developing – no price exhaustion signals have been spotted despite the Daily RSI flashing out overbought readings. This implies the commodity’s overall positive price trajectory, which started from the USD42.36 low on 26 Dec 2018, remains valid. We maintain our positive trading bias.

As the price actions are still showing encouraging signs, we continue to recommend traders stay in long positions. These were initiated at USD49.78, or the close of 8 Jan. For risk-management purposes, a trailing-stop can be placed below the USD61.82 level – the low of 5 Apr.

We are keeping the immediate support target at USD58.17, which was the low of 25 Mar. This is followed by USD54.52, or the low of 8 Mar. Meanwhile, the overhead resistance is eyed at USD66.86, which was the low of 7 Sep 2018. This is followed by USD70, a round figure.

Source: RHB Securities Research - 11 Apr 2019