- Indonesia RBD Palm Olein spot prices have traded on positive note for the sixth consecutive week and currently hovering near IDR 21029.
- Prices are seen turning higher after finding support above IDR 14700 suggesting a shift in momentum to positive bias while both extreme boundaries of the Bollinger band setup are seen turning flat supporting the sideways bias.
- The momentum oscillator RSI (14 period) is seen above equilibrium and testing overbought region suggesting positive bias while stochastic is turning flat after easing from overbought zone.
- On the upside, immediate resistance is positioned at IDR 21500 followed by IDR 22000 .
- On the downside, immediate support is positioned at IDR 19500 followed by IDR 18800.
- Concisely, prices are likely to hold below IDR 22000 on further gains and turn lower towards IDR 20000 and lower in the coming weeks.