- Indonesia RBD Palm Olein spot prices have turned lower after finding resistance near IDR 11606 and currently hovering near IDR 11386.79.
- Prices have found resistance at IDR 11517 after resuming the positive momentum from IDR 10500 suggesting mixed bias in coming days.
- The momentum indicator RSI (14Pd) is at overbought region supporting the mixed bias in coming weeks.
- Hence, prices are likely to hold below IDR 11600 on further extension of gains and trade lower towards IDR 10,500 in the coming weeks.
- On the upside, immediate resistance zone is positioned at IDR 11600 followed by IDR 11900.
- On the downside, immediate support is positioned at IDR 10500 followed by IDR 10,200.
- Concisely, prices are likely to hold below IDR 11600 on further extension of gains and trade lower towards IDR 10500 in the coming weeks.