- Indonesia RBD Palm Olein spot prices traded lower on a bearish note during the week, continuing its losing streak on the back of negative sentiments for the third consecutive week from the high at IDR 13704 on 08/09/2023, while currently closed at IDR 12856 with a loss of IDR 208 in the current week.
- Indonesia RBD Palm Olein spot prices are in strong bearish grip, while firmly sustaining below ‘falling resistance trendline’ and making lower highs lower lows on weekly time-frame, signaling price structure is bearish and further head lower towards previous low at IDR 12551 & lower in the coming 1-2 weeks.
- The momentum oscillator RSI (14 period) moved lower in line with the falling prices, indicating bearish momentum is intact and likely to accelerate further to push prices lower in the near term with the key resistance at IDR 13500.
- On the upside, immediate key resistance is positioned at IDR 13500.
- On the downside, immediate support is positioned at IDR 12600 followed by IDR 12300.
- Concisely, prices are likely to hold below IDR 13500 & further extend its weakness lower towards IDR 12500 in the coming 1-2 weeks.