- Indonesia RBD Palm Olein spot prices are trading sharply lower for the fourth consecutive week after finding resistance near IDR 30000 below all time high of IDR 31126.00 in March 2022 and settled at IDR 22482 during the week under review .
- Prices are seen renewing its downward trajectory after witnessing good recovery and closed below 13 week and 21 week EMA suggesting a shift in momentum to bearishness while prices for the first time after many months closed below middle Bollinger band line and approaching lower Bollinger Band line on the weekly chart.
- The momentum oscillator RSI (14 period) is seen turning lower from overbought region suggesting weakness while stochastic is also approaching oversold zone.
- On the upside, immediate resistance is positioned at IDR 24000 followed by IDR 26000 .
- On the downside, immediate support is positioned at IDR 21000 followed by IDR 20000.
- Concisely, prices are likely to find the support near IDR 21000 on further weakness and witness rebound towards IDR 24000 in the coming weeks.