RHB Investment Bank Bhd (RHB Research) has reaffirmed its long positions on WTI Crude, citing strong bullish momentum. The commodity closed higher at US$73.96 on Friday, up by US$0.83, continuing its upward trend. Th research house observed a consistent pattern of "higher highs" in recent sessions, suggesting that the bulls remain in control of the market.

During Friday's trading, WTI Crude opened at US$73.13 and fluctuated between an intraday high of US$74.25 and a low of US$72.70 before settling at its final price. The relative strength index (RSI) stood at 66.65%, indicating a firm bullish trend. RHB Research noted that the positive momentum might drive the commodity towards the critical resistance level of US$76, with a potential move to test the 200-day simple moving average (SMA) line.

However, RHB Research highlighted the possibility of profit-taking activities, which could lead to a retracement towards the 50-day SMA line. The research house identified strong support levels at US$70 and US$68, emphasising that these thresholds would provide stability in the event of a pullback.

RHB Research recommended traders to retain their long positions initiated at US$73.13 on Jan 2. The stop-loss level has been set at US$68 to manage downside risks effectively. Beyond the initial resistance at US$76, analysts forecast a higher resistance point at US$80, underlining the potential for further gains if bullish momentum persists.

The continued rise of WTI Crude reflects sustained optimism in the market, supported by robust technical indicators and favourable price action trends. RHB Research remains optimistic about the commodity's trajectory as it approaches key resistance levels.