- Indonesia RBD Palm Olein spot prices continue to trade higher in the last four weeks and currently hovering near IDR 12708.42.
- Prices have breached above the 161.8% Fibonacci projection based resistance resuming the underlying positive sentiment.
- The momentum indicator RSI (14Pd) is in overbought region suggesting a correction in coming weeks.
- Hence, prices are likely to hold below IDR 13000 on further extension of gains and trade lower towards IDR 11800 in the coming weeks.
- On the upside, immediate resistance zone is positioned at IDR 12900/13000 followed by IDR 13400 which happens to be 261.8% Fibonacci extension swing of IDR 7182 to IDR 9684.
- On the downside, immediate support is positioned at IDR 11800 followed by IDR 11000.
- Concisely, prices are likely to hold below IDR 13000 on further extension of gains and trade lower towards IDR 11800 in the coming weeks.