- Indonesia RBD Palm Olein spot prices are trading slightly positive & halted its losing spree in the past couple of months. Prices rebounded from multi-month lows hit in the last week at IDR 12551 and settled at IDR 12776 for the week.
- Overall Price structure is weak since it is well below 9-week EMA & making new multi-month lows every week.
- The momentum oscillator RSI (14 period) is in oversold zone suggesting consolidation in near term.
- On the upside, immediate resistance is positioned at IDR 14000 followed by IDR 15400 .
- On the downside, immediate support is positioned at IDR 12000 followed by IDR 10800.
- Concisely, prices are likely to trade above IDR 10800 & consolidate below IDR 15400 on any recovery in the coming weeks.