RHB Investment Bank Bhd (RHB Research) has maintained a bearish outlook for WTI Crude, which closed lower at US$68.94 after breaching the medium-term moving average line. The commodity opened higher at US$71.44 but slid throughout the session, hitting an intraday low of US$68.74 before settling.
The latest trading session reaffirmed a bearish technical setup, with negative momentum persisting. RHB Research highlighted that the RSI indicator is trending downwards, further signalling the likelihood of continued bearish pressure in the upcoming sessions.
The research firm anticipates WTI Crude to extend its downward trajectory toward the next support levels at US$64 and US$60. Traders are advised to maintain short positions initiated on 15 October at US$70.58, with a stop-loss threshold set at US$76 to mitigate trading risks.
Resistance levels are positioned at US$72 and US$76. RHB Research reiterated its negative trading bias, citing ongoing control by bearish forces in the market.
