- Indonesia RBD Palm Olein spot prices are trading sharply lower for the fifth consecutive week after finding resistance near IDR 30000 below all time high of IDR 31126.00 in March 2022 and settled at IDR 20932 during the week under review .
- Prices are seen renewing its downward trajectory after witnessing good recovery and closed below 13 week and 21 week EMA suggesting a shift in momentum to bearishness while prices for the first time after many months tested lower Bollinger Band line on the weekly chart while prices witnessed biggest single month decline during the current month falling as much as IDR 6610 i.e. more than 20 %.
- The momentum oscillator RSI (14 period) is seen turning lower and approaching oversold region suggesting weakness while stochastic is entering oversold zone.
- On the upside, immediate resistance is positioned at IDR 23000 followed by IDR 24000 .
- On the downside, immediate support is positioned at IDR 19500 followed by IDR 18000.
- Concisely, prices are likely to find the support near IDR 19500 on further weakness and witness rebound towards IDR 23000 in the coming weeks.