WTI Crude Ends Volatile Session Below Key Level, Short Bias Urged
WTI Crude Ends Volatile Session Below Key Level, Short Bias Urged
WTI Crude experienced a volatile session on Wednesday, closing down by US$0.30 at US$71.69, below the significant resistance level of US$72. Opening the session at US$72.02, the price fluctuated, hitting a high of US$72.63 and a low of US$69.74 before closing just below the starting level. This movement formed a narrow-body candlestick with a long lower shadow, suggesting a slight bullish advantage. However, the black body candlestick and downward-trending RSI indicate weak momentum.
RHB Investment Bank Bhd (RHB Research) has advised traders to maintain short positions, as WTI Crude's bearish technical setup remains intact, with prices below the 200-day Simple Moving Average (SMA) and the critical resistance level of US$76. RHB Research anticipates potential sideways consolidation, but the longer-term trend stays bearish.
For risk management, RHB Research recommends a stop-loss threshold at US$76. Support levels are set at US$64 and US$60, with immediate resistance at US$72, followed by a higher resistance level at US$76.
为了风险管理，RHb研究建议设置76美元的止损阈值。支撑位设定为64美元和60美元，即时阻力位为72美元，其后是更高的76美元阻力位。
