RHB Investment Bank Bhd (RHB Research) maintains a short position on WTI Crude despite a rise of US$1.27 on Friday, closing at US$71.29. The commodity opened at US$70.06, reached an intraday high of US$71.42, and ended the session above the 50-day SMA line, signalling potential bullish momentum.
While the RSI indicator entered positive territory, indicating strengthening bullish traction, RHB Research highlights the persistent resistance from the 200-day SMA line and the US$72 level, which keeps the bearish technical setup intact.
Traders are advised to maintain short positions initiated on Oct 15 at US$70.58, with a stop-loss threshold at US$72. Immediate support is revised to US$68, with lower support at US$64. Resistance levels remain at US$72 and US$76.
RHB Research continues to expect the black gold to face significant resistance at US$72, maintaining its negative trading bias.
