Maintain long positions. The WTI Crude rebounded slightly in the latest session, after recent weakness. The commodity traded in the range of USD62.46 and USD63.69, before closing at USD63.50, indicating a gain of USD0.20. The closing continued to place the black gold above the immediate support of USD62.99. For now, provided this support mark is not breached on the downside, the overall upward move that started from the low of USD42.36 on 24 Dec 2018 is still valid. A breakdown from the said level may see the commodity sliding towards the 200-day SMA line. Based on these technical biases, we keep our positive trading inclination.

As the bulls are still able to retain control over the price trend, we continue to recommend that 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 USD62.99.

Immediate support is set at USD62.99, which was the low of 16 Apr, followed by USD58.17, the low of 25 Mar. Meanwhile, the immediate resistance is set at USD66.86, which was the low of 7 Sep 2018. This is followed by USD70, a round figure.

Source: RHB Securities Research - 30 Apr 2019