- Indonesia RBD Palm Olein spot prices traded negative during its prior week and currently hovering near IDR 13062. Prices after hitting resistance zone sharply moved lower towards multi-month lows at IDR 12551
- Overall Price structure is weak as prices failed to sustain at higher levels & witnessed sell off towards multi-month lows & may test lower levels below IDR 12500 in coming weeks.
- The momentum oscillator RSI (14 period) is hovering below equilibrium zone suggesting weakness in prices.
- On the upside, immediate resistance is positioned at IDR 14400 followed by IDR 15000.
- On the downside, immediate support is positioned at IDR 12600 followed by IDR 12000.
- Concisely, prices are likely to trade on weak note & may extend weakness towards IDR 12500-12000 zone & find resistance below IDR 14400 in the coming weeks.