- Indonesia RBD Palm Olein spot prices are trading sharply lower for the third consecutive month after finding resistance near IDR 30000 below all time high of IDR 31126.00 in March 2022 and settled at IDR 20127 losing IDR 1143 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 tested lower Bollinger Band line on the weekly chart while prices witnessed biggest single month decline during the last month falling as much as IDR 7150 i.e. more than 20 %.
- The momentum oscillator RSI (14 period) is seen turning lower and entering oversold region suggesting weakness while stochastic is entering oversold zone.
- On the upside, immediate resistance is positioned at IDR 23000 followed by IDR 24000 .
- On the downside, immediate support is positioned at IDR 18000 followed by IDR 17000.
- Concisely, prices are likely to hold below IDR 23000 and extend further weakness towards IDR 18000 ahead of rebound in the coming weeks.