- Indonesia RBD Palm Olein spot prices surged higher on a bullish note & settled at IDR 14297 in its prior week, while currently closed at IDR 14327 with a gain of IDR 30 in the current week.
- Indonesia RBD Palm Olein spot prices broke above the ‘falling resistance trendline’ held since Apr’23 along with 22-Week EMA in its prior week has turned the sentiments bullish. Further, prices has also breached 50-Week EMA in its stellar upswing during the week, indicating the momentum has completely tilted in the favor of bulls. Therefore, prices are expected to further trade higher with a positive bias towards IDR 15000 & above by 22Jan-24Jan period with strong support above IDR 14000. However, after such a strong up-move prices may consolidate for next 2-3 days and subsequently resume upside in the subsequent period.
- The momentum oscillator RSI (14-period) moved up higher above the equilibrium level in its prior week, suggesting upside momentum is well intact, thereby initially prices are likely to consolidate & trade mixed, while subsequently scale up higher in the subsequent period.
- Medium term -Indonesia RBD Palm Olein spot prices formed ‘Double Bottom’ bullish reversal pattern at IDR 12500 & thereby expect prices to further progress higher towards pattern target at IDR 16000 in the coming 1-2 months.
- On the upside, immediate key resistance is positioned at IDR 15000, followed by IDR 15400.
- On the downside, key support is positioned at IDR 14000, followed by IDR 13700.
- Concisely, prices are likely to hold above IDR 14000 & further extend its gains higher towards IDR 15000 & above by 22Jan-24Jan.