RHB Retail Research

WTI Crude: Breaching Above the Immediate Resistance

Publish date: Thu, 21 Oct 2021, 04:47 PM
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RHB Retail Research

Maintain long positions. The WTI Crude continued to rally yesterday – settling USD0.98 higher at USD83.42 – as it moved past the recent high. The commodity started the session at USD82.46. It then gradually fell to its day low of USD80.78 ahead of the US trading session. It then rebounded strongly northwards until the end of the session to hit the intraday high of USD83.65 before retracing at the close. The latest movement has shown that the positive momentum has been renewed, as the WTI Crude managed to breach the immediate resistance mark yesterday. With that, we expect the bullish momentum to persist in the coming sessions. Unless the momentum reverses, we keep to our bullish trading bias.

Traders should keep to the long positions initiated at USD67.54 or the closing level of 24 Aug. To manage the trading risks, the trailing-stop threshold is set at USD79.55.

The support levels are maintained at USD83.18 – 18 Oct’s high – and USD79.55, ie 11 Oct’s low. The resistance threshold is pegged at the USD90.00 round number. This is followed by the higher resistance at the USD100.00 psychological resistance.

Source: RHB Securities Research - 21 Oct 2021

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