RHB Retail Research
WTI Crude Futures - Moving Up the Trailing-Stop
Maintain long positions while tightening up risk management. The WTI Crude experienced a positive session, advancing USD0.29 to close at USD61.22. The low and high were recorded at USD60.79 and USD61.47. The black gold has been able to extend its rebound above the 200-day SMA line over the recent sessions, suggesting good control by the bulls over the price rebound. Additionally, the said rebound is still yet to reach the overbought RSI reading. Premised on these, we are keeping our positive trading bias.
As the price rebound is still showing good signs of extending, we maintain our advice for traders to stay in long positions. We initiated these at USD59.20, or the closing level of 6 Dec. For risk-management purposes, a stoploss can be placed at the break-even level.
The immediate support is pegged at USD57.70, which was the low of 6 Dec. This is followed by USD54.76, or the low of 20 Nov’s “Bullish Engulfing” formation. Moving up, the immediate resistance is set at USD63.38, ie the high of 16 Sep. This is followed by USD66.60, which was the high of 23 Apr.
Source: RHB Securities Research - 20 Dec 2019
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