- Indonesia RBD Palm Olein spot prices traded higher & closed at IDR 15782 in its prior week, while currently settled at IDR 15566 with a loss of IDR 216 during the current week.
- Indonesia RBD Palm Olein spot prices amid high volatility continued to trade sideways & range-bound during the week, suggesting ongoing consolidation phase while the underlying trend is still negative. Further, prices faced strong rejection from IDR 15782 (tested ‘rising channel’ resistance) & retreated lower, indicating upside momentum is losing as prices unable to hold its gains at higher levels needs to be viewed with caution. Further, prices precisely turned lower from (50% retracement) level placed around IDR 15884 in the 1st week Jun’24 coincided with the upper band of the ‘rising channel’ placed around the same level. Further, the sentiments has turned negative in global palm prices in recent last couple of days is likely to impact negatively on the prices in the near term. Therefore, based upon the above analysis prices are likely to hold below IDR 15800 & move lower towards IDR 15200 & below by 03July-05July’24 period.
- The momentum oscillator RSI (14-period) inched lower during the current week, overall prices are likely to trade ahead on a mixed to negative note in the upcoming week.
- On the upside, immediate resistance is positioned at IDR 15900.
- On the downside, immediate support is positioned at IDR 15000.
- Concisely, prices are likely to hold below IDR 15800 & move lower towards IDR 15200 & below by 03July-05July’24.