- Indonesia RBD Palm Olein spot prices traded range-bound in its prior week, and currently closed at IDR 13834 marginally lower by IDR 38 in the current week.
- Indonesia RBD Palm Olein spot prices are currently trading sideways post witnessing strong run-up on 16/10/2023, and also have formed ‘Double Bottom’ bullish reversal pattern at IDR 12500 & decisive close above IDR 14500 will confirm the ‘W’ pattern & thereby expect prices to climb higher towards pattern target at IDR 16500 in the subsequent weeks. Further, prices are firmly holding above the ‘falling resistance trendline’ is likely to be supportive for the prices in the near term. Based on the above observations, prices are expected to trade higher on a positive note with an upside potential towards IDR 14800 & above in the forthcoming weeks.
- The momentum oscillator RSI (14 period) moved sideways in line with the range-bound price action, holding above equilibrium level, indicating bullish momentum is intact and prices are likely to ascend higher post consolidation towards IDR 14800-15000 (50% retracement) of the previous fall (IDR 17158 to IDR 12495) in the upcoming weeks.
- On the upside, immediate key resistance is positioned at IDR 14800, followed by IDR 15200.
- On the downside, immediate support is positioned at IDR 13500 followed by IDR 13300.
- Concisely, prices are likely to hold above IDR 13500 & further move higher towards IDR 14800 & above in the coming 1-2 weeks.