With a negative trading bias, the research house is maintaining its ‘SHORT’ call on the futures of WTI Crude.
The WTI Crude bounced off from its recent downtrend yesterday, inching up USD4.01 to settle at USD103.28 – it bounced off the 50-day average line. The black gold opened lower at USD98.95 and briefly touched the USD98.05 intraday low before propelling higher towards the day high of USD103.94 near the close. The latest session, which drew a long white candlestick following the recent downtrend movement, shows that the bears are just taking a breather above the 50-day average line before falling further in the medium-term outlook.
Nevertheless, the immediate-term bullish bias may be seen towards the USD108.75, next resistance before selling pressure kicks in to drag it lower. In line with the medium-term outlook, whereby the RSI is still marking below the 50% level, the research house is sticking to their bearish trading bias – unless the stop-loss threshold is breached.
Traders are advised to keep to the ‘SHORT’ positions initiated at USD100.28 or the closing level of 31 March. To manage
the trading risks, the initial stop-loss mark is placed at USD108.75, which was 30 March’s high. The immediate support is fixed at USD98.44 – 29 March’s low – and followed by USD93.53, i.e. 15 March’s low. The nearest resistance is set at USD103.63 or 9 March’s low. This is followed by USD108.75 or 30 March’s high
