- Indonesia RBD Palm Olein spot prices have traded on weak note snapping its previous week gains after making all time high at IDR 23326.00.
- Prices are seen turning flat after closing above previous swing high of IDR 21900 suggesting a shift in momentum to bullish bias while both extreme boundaries of the Bollinger band setup are seen turning flat supporting the upward bias.
- The momentum oscillator RSI (14 period) is seen inching higher after easing from overbought region suggesting bullishness while stochastic is also turning up within overbought zone.
- On the upside, immediate resistance is positioned at IDR 25000 followed by IDR 26000 .
- On the downside, immediate support is positioned at IDR 21900 followed by IDR 21100.
- Concisely, prices are likely to hold below IDR 21900 on any pullback and trade on sideways to positive note towards IDR 25000-26000 in the coming weeks.