- Indonesia RBD Palm Olein spot prices have traded on a negative note and currently hovering near IDR 17860.
- Prices are seen turning lower after finding resistance at IDR 18500 in the previous suggesting a shift in momentum to negative while both extreme boundaries of the bollinger band setup are seen turning flat supporting the sideways bias.
- The momentum oscillator Stochastic (14/3/3) is seen at equilibrium region suggesting mixed bias.
- On the upside, immediate resistance is positioned at IDR 18500 followed by IDR 19500.
- On the downside, immediate support is positioned at IDR 17000 followed by IDR 16000.
- Concisely, prices are likely to hold below IDR 18500 on further extension and turn lower towards IDR 16000.