- Indonesia RBD Palm Olein spot prices are seen consolidating in the last two weeks and currently hovering near IDR 9360.51.
- Prices are were in correction after testing the 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 9700 on further gains and ahead of turning lower towards IDR 8900 in the coming 3-5 weeks.
- On the upside, immediate resistance zone is positioned at IDR 9700 to 10,200.
- On the downside, immediate support is positioned at IDR 8900 followed by IDR 8500.
- Concisely, prices are likely to hold below IDR 9700 and trade lower towards IDR 8900 in the coming 3-5 weeks.