- Indonesia RBD Palm Olein spot prices are seen trading on a choppy note and currently hovering near IDR 16650.
- Prices are struggling to sustain after breaching above the immediate swing high of IDR 16110 suggesting a potential shift in momentum back to sideways.
- The momentum indicator stochastic (5/3/3) is seen in overbought region suggesting positive momentum but with a potential correction in coming weeks.
- On the upside, immediate resistance is positioned at IDR 17000 followed by 18000.
- On the downside, immediate support is positioned at IDR 16000 followed by IDR 15000.
- Concisely, prices are likely to hold below IDR 17000 and trade lower towards IDR 15000.