- Indonesia RBD Palm Olein spot prices are seen trading on a positive note and currently hovering near IDR 17268.
- Prices are seen approaching the 61.8% Fibonacci retracement after finding support at 38.2% Fibonacci retracement turning the sentiment to sideways.
- The momentum oscillator Stochastic (14/3/3) is seen approaching the equilibrium region suggesting mixed bias.
- On the upside, immediate resistance is positioned at IDR 18000 followed by IDR 19000.
- On the downside, immediate support is positioned at IDR 16000 followed by IDR 14500.
- Concisely, prices are likely to hold below IDR 18000 on further extension and turn lower towards IDR 16000.