- Indonesia RBD Palm Olein spot prices traded on a negative note and currently hovering near IDR 14096.90.
- 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.
- On the upside, immediate resistance zone is positioned at IDR 14500 followed by IDR 15000.
- On the downside, immediate support is positioned at IDR 13800 followed by IDR 13250.
- Concisely, prices are likely to hold above IDR 13800 and trade higher towards IDR 14500 in the coming 2 to 3 weeks.