- Indonesia RBD Palm Olein spot prices are seen consolidating in the last few weeks and currently hovering near IDR 9503.25.
- Prices are consolidating above 21 weeks EMA after recovering sharply from IDR 8142 in the month of May’20.
- The momentum indicator RSI (14Pd) is seen hovering above equilibrium region supporting the positive bias.
- Hence, prices are likely to hold above IDR 9200 and trade higher towards IDR 10200 in the coming 3-5 weeks.
- On the upside, immediate resistance zone is positioned at IDR 9700 followed by 10,200.
- On the downside, immediate support is positioned at IDR 9200 followed by IDR 8800.
- Concisely, prices are likely to hold above IDR 9200 and trade higher towards IDR 10200 ahead of turning lower again in the coming 3-5 weeks.