- Indonesia RBD Palm Olein spot prices are trading on positive note halting its last week’s weakness and settled at IDR 15023 during the week under review.
- Prices are seen halting its downward trajectory and once again closed below recent high of IDR 17158 and consolidating below the same.
- The momentum oscillator RSI (9 period) is seen turning lower after rising from oversold region and hovering below equilibrium suggesting consolidation while stochastic is also turning lower after approaching near overbought zone .
- On the upside, immediate resistance is positioned at IDR 17000 followed by IDR 17500 .
- On the downside, immediate support is positioned at IDR 13200 followed by IDR 12500.
- Concisely, prices are likely to hold below IDR 17000 and witness gradual decline towards IDR 13200 in the coming weeks.