Maintain long positions. The WTI Crude moved sideways yesterday, declining USD0.17 to settle at USD59.60. It started Thursday’s session at USD59.52. After trading within the tight range of the USD59.93 session high and session low of USD58.82, it closed at USD59.60 with a minor loss. With the latest price action, the black gold showed that both the bulls and bears have equal strength, and the WTI Crude will likely continue to consolidate sideways within the USD61.00-58.50 band. It may form a new trend if the commodity breaks out from either side of this band. As long as the stop-loss level remains intact, we stick to our positive trading bias.

We recommend traders remain in long positions, which were initiated at USD61.56, or the closing level of 29 Mar. To manage risks, the stop loss is set at USD58.50.

The nearest support level is unchanged at USD58.50, and followed by 23 Mar’s low of USD57.25. On the upside, the immediate resistance is revised to the USD61.00 whole number and followed by 22 Mar’s USD62.04 high.

Source: RHB Securities Research - 9 Apr 2021