Maintain long positions. The WTI Crude continued to further uptrend last Friday, adding USD2.04 to settle at USD92.31 – ie further above the USD90.00 support. The black gold opened at USD90.19 and touched the day’s low of USD90.07 before gradually climbing northwards towards the end of the session. It hit the day’s high of USD93.17 during the early US trading session – this was prior to the mild profit-taking activities that lasted until the end of the session. The long white candlestick that printed for two consecutive sessions ignites the uptrend movement towards the USD95.00 mark, which is followed by the USD100.00 level – in line with the “higher high” bullish pattern above the USD90.00 point. Coupled with a strong RSI pointing towards the 75% level, we expect mild profit-taking to occur in the coming sessions before propelling the WTI Crude higher in the medium term. As such, we stick to our bullish trading bias.

We recommend traders keep to the long positions initiated at USD73.79 or the closing level of 23 Dec 2021. For risk management, the trailing-stop threshold is set at USD85.41.

The immediate support is fixed at USD90.00 and followed by USD87.91, which was 19 Jan’s high. Conversely, the immediate resistance is still at the USD95.00 mark and followed by the USD100.00 psychological point.

Source: RHB Securities Research - 7 Feb 2022