- Indonesia RBD Palm Olein spot prices are trading higher snapping its last six weeks after finding resistance near IDR 30000 below all time high of IDR 31126.00 in March 2022 and settled at IDR 18809 gaining IDR 904 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 turning flat after entering oversold zone.
- On the upside, immediate resistance is positioned at IDR 21000 followed by IDR 22000 .
- On the downside, immediate support is positioned at IDR 18000 followed by IDR 17000.
- Concisely, prices are likely to hold below IDR 21000 and extend further weakness towards IDR 18000 ahead of rebound in the coming weeks.