- Indonesia RBD Palm Olein spot prices traded higher during the week on a positive note, while settled at IDR 13593 with a gain of IDR 196 during the week.
- Indonesia RBD Palm Olein spot prices trading in a ‘downward sloping trend channel’ since April’23 & once channel lines are penetrated will lead to turn the sentiment bullish & push prices to higher levels.
- The momentum oscillator RSI (14 period) has sharply moved higher from oversold zone suggesting positive momentum is intact, however prices are yet to break above the trend channel to confirm reversal in prices.
- On the upside, immediate resistance is positioned at IDR 14300 followed by IDR 15000.
- On the downside, immediate support is positioned at IDR 13100 followed by IDR 12600.
- Concisely, prices are likely to trade above IDR 13100 & potential to trade higher towards IDR 14300 in the coming 1-2weeks.