- Indonesia RBD Palm Olein spot prices are seen trading on a positive note and currently hovering near IDR 17306.
- Prices have breached above the 5 weeks long consolidation after finding support at the short term moving average of 13 weeks EMA shifting the momentum back to positive.
- The momentum indicator RSI (14Pd) is seen in overbought region after recovering from equilibrium region keeping the positive bias intact.
- On the upside, immediate resistance is positioned at IDR 18000 followed by 19000.
- On the downside, immediate support is positioned at IDR 17000 followed by IDR 16000.
- Concisely, prices are likely to hold above IDR 17000 and trade higher towards IDR 18000.