- Indonesia RBD Palm Olein spot prices are trading lower for the third consecutive week after finding resistance near IDR 30000 below all time high of IDR 31126.00 in March 2022 and settled at IDR 25795 during the week under review .
- Prices are seen renewing its downward trajectory after witnessing good recovery and closed below 13 week and 21 week EMA suggesting a shift in momentum to bearishness while prices for the first time after many months closed below middle Bollinger band line.
- The momentum oscillator RSI (14 period) is seen turning lower from overbought region suggesting weakness while stochastic is also approaching oversold zone.
- On the upside, immediate resistance is positioned at IDR 27000 followed by IDR 28000 .
- On the downside, immediate support is positioned at IDR 24000 followed by IDR 23000.
- Concisely, prices are likely to hold below the resistance of IDR 27000 and trade with weak bias towards IDR 24000 and lower in the coming weeks.