- Indonesia RBD Palm Olein spot prices have turned lower sharply in the last two weeks and currently hovering near USD 14876.
- Prices have found resistance at IDR 16114 and turned lower forming a bearish engulfing pattern turning the overall sentiment to bearish.
- The momentum indicator stochastic (14/3/3) is seen turning lower in overbought region supporting negative bias in coming weeks.
- On the upside, immediate resistance zone is positioned at IDR 15500 followed by IDR 16100.
- On the downside, immediate support is positioned at IDR 14500 followed by IDR 14000.
- Concisely, prices are likely to find support near IDR 14000 and consolidate in the coming 3 to 4 weeks.