- Indonesia RBD Palm Olein spot prices traded lower continuing its losing spree for third consecutive week post marking high at IDR 14477, while settled at IDR 13246 with a gain of IDR 41 during the week.
- Indonesia RBD Palm Olein spot prices have retraced lower to 61.80% of the previous up-move (June’23-July’23) period, are now near to crucial support at IDR 13000, where prices may rebound higher in the near term, however if prices sustain below IDR 13000 with bearish sentiments then upside potential would negate and spot prices may re-test prior lows made in June’23 at IDR 12550.
- The momentum oscillator RSI (14 period) has moved lower from 45 levels currently hovering near 40, suggesting bearish momentum is intact, and potential prices may further decline to lower levels if breaks below IDR 13000 in the near term.
- On the upside, immediate resistance is positioned at IDR 14000 followed by IDR 14500.
- On the downside, immediate support is positioned at IDR 13000 followed by IDR 12500.
- Concisely, prices are likely to hold below IDR 14000 & further extend its weakness towards IDR 12500 in the coming 1-2weeks.