- Indonesia RBD Palm Olein spot prices are seen trading on a negative note and currently hovering near IDR 14899.
- Prices have breached below the rising trend line after finding resistance at IDR 19348 and breached below the 38.2% Fibonacci suggesting a shift in momentum and sentiment to bearish.
- The momentum oscillator RSI (14Pd) is seen turning lower from overbought region supporting the above mentioned negative bias.
- On the upside, immediate resistance is positioned at IDR 16000 followed by IDR 18000.
- On the downside, immediate support is positioned at IDR 14500/14000 followed by IDR 12500.
- Concisely, prices are likely to hold below IDR 16000 and trade lower towards IDR 14000.