Maintain long positions while moving up trailing-stop. The WTI Crude performed negatively in the latest session – at one point it came near the uptrend line (as drawn on the chart) that formed since early August. At the closing, it settled USD0.66 lower at USD55.09. The low and high were at USD54 and USD56.34. The weak closing placed the commodity further below the 200-day SMA line. Should the said uptrend line be breached in the coming sessions, it would likely mark the end of the commodity’s rebound phase, which started from an area near the USD50 support mark. Until this happens, we keep to our positive trading bias. Until the said uptrend line is breached, we continue to recommend traders stay in long positions. We initiated these at USD57.10, or the closing level of 13 Aug. For risk-management purposes, a stop loss can now be placed below the USD53.50 mark. Immediate support is expected at USD52.84, ie the low of 3 Sep. This is followed by the USD50 round figure. Conversely, the immediate resistance is set at USD58.82, which was the high of 31 Jul. This is followed by the USD60.94 mark, or the high of 1 Jul.

Source: RHB Securities Research - 13 Sept 2019