- Indonesia RBD Palm Olein spot prices continue to trade on a positive note and currently hovering near IDR 13250.
- Prices have found support at IDR 11571 and negated the bearish engulfing pattern turning the momentum back to positive.
- The momentum indicator RSI (14Pd) is seen coiling below overbought region suggesting a mixed to positive bias in coming weeks.
- Hence, with prices breaching above swing based resistance and momentum oscillators still supporting positive momentum prices are likely to hold above IDR 12700 and trade higher towards IDR 14000 in the coming weeks.
- On the upside, immediate resistance zone is positioned at IDR 13500 followed by IDR 14000.
- On the downside, immediate support is positioned at IDR 12700 followed by IDR 11800.
- Concisely, prices are likely to hold above IDR 12700 and trade higher towards IDR 14000 in the coming couple of weeks.