- Indonesia RBD Palm Olein spot prices have traded on a sideways note and currently hovering near IDR 18916.
- Prices are seen turning higher after finding support above IDR 14700 suggesting a shift in momentum to positive bias while both extreme boundaries of the Bollinger band setup are seen turning flat supporting the sideways bias.
- The momentum oscillator RSI (14 period) is seen above equilibrium region suggesting positive bias while stochastic is turning flat after easing from overbought zone.
- On the upside, immediate resistance is positioned at IDR 19400 .
- On the downside, immediate support is positioned at IDR 17400 followed by IDR 16500.
- Concisely, prices are likely to hold above IDR 17500 on any minor pull back and trade higher towards IDR 19400.