- Indonesia RBD Palm Olein spot prices plunged lower on a negative note during the week, while settled at IDR 14989 with a loss of IDR 483 during the current week. Further, prices have dropped nearly IDR 2368 (13.60%) from the top.
- Indonesia RBD Palm Olein spot prices traded negative & continued its losing streak for third consecutive week, suggesting the bearish momentum is intense & fairly strong. Further, prices have firmly breached the ‘rising channel’ & ‘100-week EMA‘ have further tighten the bearish grip.
- Indonesia RBD Palm Olein spot prices have tested the ‘50% retracement’ of the previous up-move (IDR 12495 Oct’23 to IDR 17357 Apr’24) is potentially heading towards the ‘61.80% retracement’ of the previous up-move (IDR 12495 Oct’23 to IDR 17357 Apr’24) placed around IDR 14300 in the upcoming week. Therefore, based upon the above observations prices are likely to hold below IDR 15200 & further move lower towards IDR 14300 in the upcoming week.
- The momentum oscillator RSI (14-period) dropped lower in line with the fall in prices, suggesting downside momentum is still intact, hence prices are likely to continue to trade ahead on a negative note in the near term.
- On the upside, immediate resistance is positioned at IDR 15500.
- On the downside, immediate support is positioned at IDR 14500.
- Concisely, prices are likely to hold below IDR 15200 & further move lower towards IDR 14300 by 13May-15May’24.