- Indonesia RBD Palm Olein spot prices have turned lower after opening the week near IDR 11517 and currently hovering near IDR 11333.00.
- Prices have found resistance at IDR 11517 after resuming the positive momentum from IDR 10500 suggesting mixed bias in coming days.
- The momentum indicator RSI (14Pd) is seen approaching overbought region supporting the mixed bias.
- Hence, prices are likely to hold below IDR 11600 on further extension of gains and trade lower towards IDR 10,300 in the coming weeks.
- On the upside, immediate resistance zone is positioned at IDR 11200 followed by IDR 11600.
- On the downside, immediate support is positioned at IDR 10500 followed by IDR 10,000.
- Concisely, prices are likely to hold below IDR 11600 on further extension of gains and trade lower towards IDR 10500 in the coming weeks.