- Indonesia RBD Palm Olein spot prices continue to trade on a positive note and currently hovering near IDR 12804.98.
- Prices have found support at IDR 11571 and negated the bearish engulfing pattern turning the momentum back to positive within sideways market.
- The momentum indicator RSI (14Pd) is seen coiling below overbought region suggesting a mixed bias in coming weeks.
- Hence, with prices approaching resistance and momentum oscillators suggesting correction prices are likely to hold below IDR 13000 and trade lower towards IDR 12000 in the coming weeks.
- On the upside, immediate resistance zone is positioned at IDR 13000 followed by IDR 13800.
- On the downside, immediate support is positioned at IDR 12000 followed by IDR 11,500.
- Concisely, prices are likely to hold below IDR 13000 and trade lower towards IDR 12000 in the coming 1 to 2 weeks, ahead of turning higher again in subsequent weeks.