- Indonesia RBD Palm Olein spot prices are seen trading on a negative note and currently hovering near IDR 17458.
- Prices are at crucial support after finding resistance at IDR 19348 which happens to be rising trend line and short term moving average suggesting mean reversion is in place while prices sustaining below IDR 17000 would confirm the turnaround.
- The momentum oscillator RSI (14Pd) is seen turning lower from overbought region correction is in place.
- On the upside, immediate resistance is positioned at IDR 18600 followed by IDR 19350.
- On the downside, immediate support is positioned at IDR 17400 followed by IDR 17000.
- Concisely, prices are likely to hold above IDR 17000 and trade towards IDR 18600.