- Indonesia RBD Palm Olein spot prices traded on strong positive note halted its losing spree in the past couple of months. Prices rebounded from multi-month lows hit at IDR 12551 and settled at IDR 14345 for the week.
- Overall Price structure has changed from downward trend to up-trend in the short-medium term since prices are making higher highs week on week basis indicating strong reversal from oversold zone.
- The momentum oscillator RSI (14 period) has sharply moved higher from oversold zone suggesting bottom is in place & potential higher prices in the near term.
- On the upside, immediate resistance is positioned at IDR 15300 followed by IDR 16000.
- On the downside, immediate support is positioned at IDR 13400 followed by IDR 12600.
- Concisely, prices are likely to trade above IDR 13400 & continue its upward trajectory towards IDR 15300 & higher in the coming weeks.