- Indonesia RBD Palm Olein spot prices traded range-bound in its prior week, & subsequently traded higher on a positive note, witnessed recovery from the low at IDR 13576 during the current week and settled at IDR 13735 lower by IDR 79 in the current week.
- Indonesia RBD Palm Olein spot prices rebounded higher from 22-Week EMA & support around IDR 13500 during the week, thereby prices may resume upside post consolidation & is likely to trade higher with a positive bias in the near term. Further, prices formed ‘Double Bottom’ bullish reversal pattern at IDR 12500 & decisive close above IDR 14500 will confirm the ‘W’ pattern & thereby expect prices to progress 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.
- The momentum oscillator RSI (14 period) slightly moved up & holding above equilibrium level, indicating upside momentum is still intact and prices are likely to ascend higher towards IDR 14800-15000 (50% retracement) of the previous fall (IDR 17158 to IDR 12495) in the subsequent 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 2-3 weeks.