- Indonesia RBD Palm Olein spot prices are trading on positive note for the third week in a row and settled at IDR 16787 during the week under review .
- Prices are seen halting its downward trajectory and closed above 9 week EMA but still holding below 21 week EMA suggesting a shift in momentum to sideways while prices are consolidating above recent low of IDR 13117 and turning higher snapping its downward trajectory which was in force till Sep 2022.
- The momentum oscillator RSI (14 period) is seen turning up from oversold region and making higher lows and depicting potential positive divergence suggesting consolidation while stochastic is turning flat after entering oversold zone.
- On the upside, immediate resistance is positioned at IDR 18000 followed by IDR 18500 .
- On the downside, immediate support is positioned at IDR 15000 followed by IDR 14000.
- Concisely, prices are likely to hold above IDR 15000 and trade on positive note towards IDR 18000 and higher in the coming weeks.