- Indonesia RBD Palm Olein spot prices are trading on weak note for second consecutive week and taking a pause in its gaining streak and settled at IDR 15784 during the week under review.
- Prices are seen halting its upward trajectory and closed below 9 week EMA and also holding just below 21 week EMA suggesting a shift in momentum to sideways while prices are consolidating above recent low of IDR 13117 and turning higher snapping its downward trajectory which was in force till Sep 2022.
- The momentum oscillator RSI (14 period) is seen turning flat after rising from oversold region and making higher lows and depicting potential positive divergence suggesting consolidation while stochastic is turning up from oversold zone.
- On the upside, immediate resistance is positioned at IDR 17000 followed by IDR 18000 .
- On the downside, immediate support is positioned at IDR 15000 followed by IDR 14500.
- Concisely, prices are likely to hold above IDR 15000 and trade on positive note towards IDR 17000 and higher in the coming weeks.