- Indonesia RBD Palm Olein spot prices traded lower on a weak note from the high at IDR 13016 in its prior week, while trading range-bound within IDR 13000-12600 over the past couple of weeks, and currently closed at IDR 12680 with a gain of IDR 20 in the current week.
- Indonesia RBD Palm Olein spot prices are likely to trade range-bound with positive bias, & subsequently trade higher going ahead with an upside potential towards IDR 13000 & higher in the coming 2-3 weeks. However, if prices falls below IDR 12500 decisively then prices may drift lower towards IDR 12300 & lower and the upside potential would negate.
- Indonesia RBD Palm Olein spot prices will accelerate upside momentum once it breaks above the ‘falling resistance trendline’ which needs to be watched out as a key catalyst for further upside momentum in the coming 1-2 weeks.
- The momentum oscillator RSI (14 period) moved sideways in line with the range-bound price action, indicating ongoing price consolidation after witnessing precipitous fall in the past couple of months. Further, bearish momentum is fading with lack of incremental selling pressure is likely to be supportive for the prices in the near term.
- 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 above IDR 12500 & gradually move higher towards IDR 13000 & higher in the coming 1-2 weeks.