- Indonesia RBD Palm Olein spot prices are trading on weak note after trading higher in the last week and settled at IDR 15682 during the week under review .
- Prices are seen halting its downward trajectory but still holding below 9 week and 21 week EMA suggesting a shift in momentum to sideways while prices are consolidating above recent low of IDR 13117 and turning higher snapping its downward trajectory which was in force till Sep 2022.
- The momentum oscillator RSI (14 period) is seen turning up from oversold region and making higher lows and depicting potential positive divergence suggesting consolidation while stochastic is turning flat after entering oversold zone.
- On the upside, immediate resistance is positioned at IDR 16000 followed by IDR 16500 .
- On the downside, immediate support is positioned at IDR 14500 followed by IDR 14000.
- Concisely, prices are likely to hold above IDR 14500 and trade on positive note towards IDR 16000 and higher in the coming weeks.