- Indonesia RBD Palm Olein spot prices have traded on weak note snapping its previous week pullback and currently hovering near IDR 21280.84.
- Prices are seen turning sideways after finding resistance below IDR 22000 suggesting a shift in momentum to sideways to weak bias while both extreme boundaries of the Bollinger band setup are seen turning flat supporting the sideways bias.
- The momentum oscillator RSI (14 period) is seen inching lower from overbought region suggesting weak bias while stochastic is also easing within overbought zone.
- On the upside, immediate resistance is positioned at IDR 22000 followed by IDR 22500 .
- On the downside, immediate support is positioned at IDR 20000 followed by IDR 19500.
- Concisely, prices are likely to hold below IDR 20500 on further pullback and trade on mixed note below IDR 22000 in the coming weeks.