- Indonesia RBD Palm Olein spot prices traded higher & settled at IDR 15134 in its prior week, while subsequently retreated lower during the current week and closed at IDR 14921 with a loss of IDR 213 in the current week.
- Indonesia RBD Palm Olein spot prices retreated lower from IDR 15224 level which is near the crucial 100-week EMA, & halted its winning streak during the week, indicating that the recent up-move started from IDR 13688 since Jan’24 have a major wall of resistance around (IDR 15200-15500) zone contained with (61.80% retracement) of the previous downfall (IDR 17158 Mar’23 to 12495 Oct’23) & 100-week EMA, hence the recent correction is further expected to continue on the downside & prices are likely to extend its weakness towards IDR 14500 & below in the upcoming weeks. Further, the recent fall witnessed in prices is in-line with the drop in global markets & has changed the sentiments from bullish to negative.
- The momentum oscillator RSI (14-period) moved lower from overbought region, suggesting momentum has shifted from upside to the downside & expect prices to further weaken lower in the near term.
- On the upside, immediate key resistance is positioned at IDR 15200.
- On the downside, key support is positioned at IDR 14000.
- Concisely, prices are likely to hold below IDR 15200 & further extend its weakness lower towards IDR 14500 & below by 1st week-feb’24.