Maintain long positions. The WTI Crude broke past the USD61.00 resistance yesterday, rising USD2.97 to settle at USD63.15. It started the Wednesday session with a gap up, opening at USD60.44. After it found the session low at USD60.38, it move up gradually towards the USD63.44 session high before last trading at USD63.15. With the latest price action, the commodity managed to cross the 50-day SMA line. The bullish momentum may continue to lift it towards the next resistance pegged at USD64.00, followed by USD65.00. Meanwhile, the WTI Crude may see a mild profit-taking. If this happens, it may retest the reisstance-turned-support level of USD61.00. Since the black gold’s breakout from the consolidation zone, we maintain our positive trading bias.

We recommend traders maintain long positions. These were initiated at USD61.56, or the closing level of 29 Mar. To manage risks, the stop loss is placed at USD58.50.

The nearest support level revised to the USD61.00 whole number and followed by USD58.50. On the upside, the immediate resistance is revised to USD64.00 round figure and followed by USD65.00.

Source: RHB Securities Research - 15 Apr 2021