- Indonesia RBD Palm Olein spot prices are trading on weak note snapping its minor rebound and settled at IDR 14363 during the week under review.
- Prices are seen halting its upward trajectory and once again closed below recent high of IDR 17158 and consolidating below the same.
- The momentum oscillator RSI (9 period) is seen turning lower after rising from oversold region and hovering below equilibrium suggesting consolidation while stochastic is also turning lower after approaching near overbought zone .
- On the upside, immediate resistance is positioned at IDR 16500 followed by IDR 17500 .
- On the downside, immediate support is positioned at IDR 13200 followed by IDR 12500.
- Concisely, prices are likely to hold below IDR 16500 and witness gradual decline towards IDR 13200 in the coming weeks.