- Indonesia RBD Palm Olein spot prices retreat lower from the high at IDR 13688 in its prior week, while prices settled at IDR 13413 with a loss of IDR 30 in the current week.
- Indonesia RBD Palm Olein spot prices witnessing slight pullback from the ‘falling resistance trendline’ post witnessing recovery from the lows at IDR 13102 which is (61.80% retracement) of the previous up-move from IDR 12551-14477 (June’23-July’23) period, indicating price correction have ended & the prices are likely to gather further upside momentum on breaking above the ‘falling resistance trendline’ with the upside potential towards IDR 14000-14200 in the coming 1-2 weeks.
- The momentum oscillator RSI (14 period) post recovering higher is currently hovering indicating prices are in sideways to corrective zone with the underlying bullish momentum and post consolidation prices may further climb higher in the near term with the key support at IDR 13100.
- On the upside, immediate resistance is positioned at IDR 14000 followed by IDR 14200.
- On the downside, immediate support is positioned at IDR 13200 followed by IDR 13000.
- Concisely, prices are likely to hold above IDR 13100 & further extend its recovery higher towards IDR 14200 in the coming 1-2 weeks.