- Indonesia RBD Palm Olein spot prices are seen trading higher in the last few weeks and currently hovering near IDR 10073.57.
- Prices breached above the consolidation zone of IDR 9700 to IDR 9220 after finding support at 55-week EMA turning the momentum to positive.
- The momentum indicator RSI (14Pd) is seen hovering above equilibrium region supporting the positive bias.
- Hence, prices are likely to hold above IDR 9700 and trade higher towards IDR 10500 in the coming 3-5 weeks.
- On the upside, immediate resistance zone is positioned at IDR 10200 followed by 10,500.
- On the downside, immediate support is positioned at IDR 9700 followed by IDR 9200.
- Concisely, prices are likely to hold above IDR 9700 and trade higher towards IDR 10500 ahead of turning lower again in the coming 3-5 weeks.