- Indonesia RBD Palm Olein spot prices have recovered sharply and currently hovering near IDR 11329.62.
- Prices have found resistance at IDR 11517 after resuming the positive momentum from IDR 10500 suggesting mixed bias in coming days.
- The momentum indicator RSI (14Pd) is at overbought region supporting the mixed bias in coming weeks.
- Hence, prices are likely to hold above IDR 11000 on any correction and trade higher towards IDR 12000 in the coming weeks.
- On the upside, immediate resistance zone is positioned at IDR 11600 followed by IDR 12000.
- On the downside, immediate support is positioned at IDR 11000 followed by IDR 10,500.
- Concisely, prices are likely to hold above IDR 11000 on any correction and trade higher towards IDR 12000 in the coming weeks.