- Indonesia RBD Palm Olein spot prices are consolidating after making all time high at IDR 30413.00 in the last week and settled at IDR 28819 .
- Prices are seen turning higher 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 turning flat after easing from overbought region suggesting bullishness while stochastic is also turning up within overbought zone.
- On the upside, immediate resistance is positioned at recent high of IDR 30413 followed by IDR 32000 .
- On the downside, immediate support is positioned at IDR 26000 followed by IDR 25000.
- Concisely, prices are likely to hold below IDR 26000 on any pullback and trade on sideways to positive note towards IDR 30413-32000 in the coming weeks.