- Indonesia RBD Palm Olein spot prices traded range-bound & closed at IDR 14572 in its prior week, while currently settled at IDR 14711 with a gain of IDR 139 during the current week.
- Indonesia RBD Palm Olein spot prices traded sideways in its prior week, while dropped lower towards IDR 13761 level on 19/02/2024 as expected & subsequently recovered higher in line with the global prices to close at IDR 14711 for the current week, indicating prices are highly volatile post witnessing steep losses in the last week-Jan’24 period, thereby maintaining the ‘lower highs lower lows’ price structure intact. Further, prices are trading below the ‘rising support trendline’, suggesting prices have strong resistance (supply) zone around (IDR 15000-15200) zone, thereby post interim recovery prices are likely to trade with a weak bias & move lower towards IDR 13800 by 26feb-28feb period.
- The momentum oscillator RSI (14-period) inched up higher post dropping lower from the overbought territory, indicating prices are likely to trade with a mixed to weak bias in the forthcoming weeks.
- On the upside, immediate key resistance is positioned at IDR 15000.
- On the downside, key support is positioned at IDR 14000, followed by IDR 13500.
- Concisely, prices are likely to hold below IDR 15000 & move lower towards IDR 14000 & below by 26feb-28feb.