- Indonesia RBD Palm Olein spot prices traded lower on a weak note & closed at IDR 13855 in its prior week, while currently settled at IDR 13871 in the current week.
- Indonesia RBD Palm Olein spot prices retreated lower from the resistance barrier 50-Week EMA high at IDR 14731 towards IDR 13653 which is nearly (50% retracement) of the previous up-move (IDR 12495 to IDR 14731) witnessed in the past couple of months, indicating price correction may be nearing its end around (50%-61.80% retracement) IDR 13600-13350 zone. Therefore, prices are expected to trade mixed & initially consolidate within IDR 14200-13500 zone for the coming 3-5 days, and thereafter witness gradual recovery higher towards IDR 14700 & above in the coming 1-2 weeks with strong support above IDR 13500.
- The momentum oscillator RSI (14 period) remained muted, suggesting prices are in an interim consolidation phase and are likely to initially trade mixed & subsequently trade higher with a positive bias in the coming 1-2 weeks.
- Medium term -Indonesia RBD Palm Olein spot prices formed ‘Double Bottom’ bullish reversal pattern at IDR 12500 & thereby expect prices to progress higher towards pattern target at IDR 16500 in the coming 2-3 months.
- On the upside, immediate key resistance is positioned at IDR 14700, followed by IDR 15000.
- On the downside, immediate support is positioned at IDR 13700 followed by IDR 13500.
- Concisely, prices are likely to hold above IDR 13500 & gradually move higher towards IDR 14500 & above in the coming 1-2 weeks.