- Indonesia RBD Palm Olein spot prices are trading on weak note snapping its minor rebound and settled at IDR 13146 during the week under review.
- Prices are seen halting its upward trajectory and once again closed below recent high of IDR 17158 and extending its losing spree for the last four weeks.
- The momentum oscillator RSI (14 period) has turned lower and hovering just above oversold zone suggesting consolidation in near term.
- On the upside, immediate resistance is positioned at IDR 15500 followed by IDR 17000 .
- On the downside, immediate support is positioned at IDR 12500 followed by IDR 11700.
- Concisely, prices are likely to trade above IDR 11700 & consolidate below IDR 15500 on any recovery in the coming weeks.