- Indonesia RBD Palm Olein spot prices continue to trade on a negative note and currently hovering near IDR 13385.
- Prices have found support at IDR 11571 and seen forming higher highs and higher lows while holding above short term moving average of 13 Pd EMA.
- The momentum indicator RSI (14Pd) is seen in overbought region suggesting a mixed bias in coming weeks.
- Going ahead prices are likely to hold above IDR 13000 and trade higher towards IDR 14000 in the coming weeks.
- On the upside, immediate resistance zone is positioned at IDR 14000 followed by IDR 14500.
- On the downside, immediate support is positioned at IDR 13000 followed by IDR 12800.
- Concisely, prices are likely to hold above IDR 13000 and trade higher towards IDR 14000 in the coming couple of weeks.