- Indonesia RBD Palm Olein spot prices are seen trading on a positive note and currently hovering near IDR 8690.76.
- Prices are recovering from support after turning lower from resistance at IDR 10196 which happens to be 50% Fibonacci retracement level to the fall started from IDR 11878 to IDR 8578.
- The momentum indicator RSI (14Pd) is seen approaching the equilibrium region supporting the corrective bias.
- Hence, prices are likely to hold above IDR 8300 and correct higher towards IDR 9000 ahead of turning lower in the coming 3-5 weeks.
- On the upside, immediate resistance is positioned at IDR 9000 followed by IDR 9300.
- On the downside, immediate support is positioned at IDR 8300 followed by IDR 8000.
- Concisely, prices are likely to hold above IDR 8300 and correct higher towards IDR 9000 ahead of turning lower in the coming 3-5 weeks.