- Indonesia RBD Palm Olein spot prices are seen trading on a choppy note and currently hovering near IDR 16586.
- Prices found support at the short term moving average of 13 weeks EMA after turning lower from IDR 17155 shifting the momentum back to sideways.
- The momentum indicator stochastic (5/3/3) is seen turning lower from 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 consolidate in the zone of IDR 17155 to IDR 16000.