- Indonesia RBD Palm Olein spot prices traded on a positive note and currently hovering near IDR 12642.91.
- Prices have found support at IDR 11571 and negated the bearish engulfing pattern turning the momentum back to positive.
- The momentum indicator RSI (14Pd) is seen turning coiling below overbought region suggesting a mixed bias in coming weeks.
- Hence, prices are likely to hold above IDR 12000 on correction and trade higher towards IDR 14000 in the coming weeks.
- On the upside, immediate resistance zone is positioned at IDR 13000 followed by IDR 14000.
- On the downside, immediate support is positioned at IDR 11500 followed by IDR 11,000.
- Concisely, prices are likely to hold above IDR 12000 on correction and trade higher towards IDR 14000 in the coming 3 to 4 weeks.