Maintain long positions as the bulls are still holding up. The black gold eased marginally by USD0.04 to settle at USD58.09 in the latest session. Trading range was between USD57.79 and USD59.10. Price actions over the latest three sessions are indicating the bulls are attempting to stage a rebound from the immediate support level of USD57.47. Provided this support level is not breached, the WTI Crude’s multi-week upward move, which started from an area near the USD50 support level, would still be valid. Maintain our positive trading bias. As the bulls are still showing attempts to rebound from the said immediate support, we continue to recommend traders stay in long positions. We initiated these at USD57.10, or the closing level of 13 Aug. For riskmanagement purposes, a stop loss can now be placed at the breakeven mark. Immediate support target is maintained at USD57.47, which was the high of 13 Aug. This is followed by USD54, the low of 12 Sep. Conversely, immediate resistance is pegged at USD63.38, the high of 16 Sep. This is to be followed by USD66.60, which was the high of 23 Apr.

Source: RHB Securities Research - 23 Sept 2019