- Indonesia RBD Palm Olein spot prices are trading lower in the week under review snapping its last few weeks gaining spree after finding resistance near IDR 30000 below all time high of IDR 31126.00 in March 2022 and settled at IDR 27408 .
- Prices are seen renewing its downward trajectory after witnessing good recovery but still holding above 13 week EMA and consolidating below all time high of IDR 30413 suggesting a shift in momentum to sideways while both extreme boundaries of the Bollinger band setup are seen turning flat .
- The momentum oscillator RSI (14 period) is seen turning lower from overbought region suggesting consolidation while stochastic is also turning flat after easing from overbought zone.
- On the upside, immediate resistance is positioned at recent high of IDR 29000 followed by IDR 30413 .
- On the downside, immediate support is positioned at IDR 25982 followed by IDR 25000.
- Concisely, prices are likely to hold below the resistance of IDR 30000 and consolidate with weak bias towards IDR 25900 in the coming weeks.