Rebounded from the immediate support; maintain long positions. The WTI Crude staged a positive intraday reversal in the latest session. At one point, it tested the USD57.47 immediate support with a low of USD57.37, before a rebound kicked in for the commodity to settle USD0.55 higher at USD58.64. The positive price reaction from the said immediate support suggests the bulls have probably returned – after the recent sessions’ retracement. Provided this immediate support is not breached, the overall positive technical picture should remain intact. Maintain our positive trading inclination. As the bulls are still showing signs of retaining their control over the price trend, 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 is pegged at USD57.47, which was the high of 13 Aug. This is followed by USD54, the low of 12 Sep. Moving up, 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 Ap

Source: RHB Securities Research - 24 Sept 2019