- Indonesia RBD Palm Olein spot prices traded on a positive note and currently hovering near IDR 15245.60.
- Prices have breached above the resistance at IDR 14450 after finding support at IDR 11571 while holding above short term moving average of 13 Pd EMA.
- The momentum indicator stochastic (14/3/3) is seen in moving higher in overbought region suggesting a positive bias in coming weeks.
- On the upside, immediate resistance zone is positioned at IDR 16000 followed by IDR 17500.
- On the downside, immediate support is positioned at IDR 14500 followed by IDR 13800.
- Concisely, prices are likely to trade higher towards IDR 16000 in the coming 3 to 4 weeks.