- Indonesia RBD Palm Olein spot prices continue to trade lower in the last few weeks and currently hovering near USD 14282.
- Prices are at the support after turning lower from resistance at IDR 16114 suggesting a potential in the negative momentum.
- The momentum indicator stochastic (14/3/3) is seen turning lower from overbought region supporting negative bias is still intact.
- On the upside, immediate resistance zone is positioned at IDR 15230 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 below IDR 15230 in the coming 3 to 4 weeks.