RHB Investment Bank Bhd (RHB Research) has maintained a negative outlook on WTI Crude, following a failure to extend its previous upside rebound. The commodity dropped by US$0.52 to close at US$68.87, after initially opening at US$69.55. It whipsawed between US$70.15 and US$68.75 before settling lower.

The formation of a fresh bearish candlestick with a long upper shadow signals that WTI Crude could not sustain its intraday gains, indicating increasing selling pressure. RHB Research noted that the technical setup remains negative, with the commodity trading below both the 50- and 200-day Simple Moving Average (SMA) lines. The RSI momentum indicator is also showing signs of declining, suggesting that negative momentum is gaining traction.

Given the bearish outlook, RHB Research expects WTI Crude to resume its downward movement following a period of consolidation. Traders are advised to maintain short positions initiated at the close of 15 October at US$70.58, with a stop-loss threshold set at US$76.

Support levels are seen at US$64 and US$60, while resistance is expected at US$72 and US$76.RHB Investment Bank Bhd (RHB Research) has maintained a negative outlook on WTI Crude, following a failure to extend its previous upside rebound. The commodity dropped by US$0.52 to close at US$68.87, after initially opening at US$69.55. It whipsawed between US$70.15 and US$68.75 before settling lower.

The formation of a fresh bearish candlestick with a long upper shadow signals that WTI Crude could not sustain its intraday gains, indicating increasing selling pressure. RHB Research noted that the technical setup remains negative, with the commodity trading below both the 50- and 200-day Simple Moving Average (SMA) lines. The RSI momentum indicator is also showing signs of declining, suggesting that negative momentum is gaining traction.

Given the bearish outlook, RHB Research expects WTI Crude to resume its downward movement following a period of consolidation. Traders are advised to maintain short positions initiated at the close of 15 October at US$70.58, with a stop-loss threshold set at US$76.

Support levels are seen at US$64 and US$60, while resistance is expected at US$72 and US$76.