- Indonesia RBD Palm Olein spot prices are trading lower in the last couple of weeks and renewing its weakening spree after a week’s pause from all time high at IDR 30413.00 and settled at IDR 26105 .
- Prices are seen consolidating after making all time high at IDR 30413 suggesting a shift in momentum to bearish bias while both extreme boundaries of the Bollinger band setup are seen turning flat supporting the downward bias.
- The momentum oscillator RSI (14 period) is seen turning lower from overbought region suggesting bearishness while stochastic is also turning down from overbought zone.
- On the upside, immediate resistance is positioned at recent high of IDR 29000 followed by IDR 30413 .
- On the downside, immediate support is positioned at IDR 25000 followed by IDR 24000.
- Concisely, prices are likely to hold below IDR 30000 on any rebound and trade on sideways to weak note towards IDR 25000 and lower in the coming weeks.