- Indonesia RBD Palm Olein spot prices are seen trading on a positive note and currently hovering near IDR 19348.
- 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 Stochastic (14/3/3) is seen coiling in overbought region keeping the positive bias intact with a potential correction in coming weeks.
- On the upside, immediate resistance is positioned at IDR 20000 followed by IDR 21000.
- On the downside, immediate support is positioned at IDR 17500 followed by IDR 17000.
- Concisely, prices are likely to extend the gains towards IDR 21000 ahead of correcting towards IDR 18000.