- Indonesia RBD Palm Olein spot prices are seen trading on a positive note and currently hovering near IDR 9684.39.
- Prices are approaching swing based resistance after recovering sharply from IDR 8142 in the month of May’20.
- The momentum indicator RSI (14Pd) is seen approaching the equilibrium region supporting the corrective bias.
- Hence, prices are likely to hold below IDR 10200 on further gains and ahead of turning lower towards IDR 9400 in the coming 3-5 weeks.
- On the upside, immediate resistance zone is positioned at IDR 10,000 to 10,200.
- On the downside, immediate support is positioned at IDR 9400 followed by IDR 9000.
- Concisely, prices are likely to hold below IDR 10,200 and trade lower towards IDR 9400 in the coming 3-5 weeks.