- Indonesia RBD Palm Olein spot prices are trading on weak note snapping its minor rebound and settled at IDR 13146 during the week under review.
- Prices are seen halting its upward trajectory and once again closed below recent high of IDR 17158 and extending its losing spree for the last four weeks.
- The momentum oscillator RSI (14 period) is seen turning lower after rising from oversold region and hovering just above oversold zone suggesting consolidation while stochastic is also turning lower after entering oversold zone .
- On the upside, immediate resistance is positioned at IDR 15300 followed by IDR 16800 .
- On the downside, immediate support is positioned at IDR 12100 followed by IDR 11800.
- Concisely, prices are likely to hold below IDR 15300 and witness gradual decline towards IDR 12100 in the coming weeks.