- Indonesia RBD Palm Olein spot prices are trading sharply lower after witnessing minor pull back for a couple of weeks and renewing last few weeks losing streak after finding resistance near IDR 30000 below all time high of IDR 31126.00 in March 2022 and settled at IDR 14725 losing IDR 175 during the week under review .
- Prices are seen renewing its downward trajectory after witnessing good recovery and holding below 9 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 flat just above oversold region suggesting consolidation while stochastic is turning flat after entering oversold zone.
- On the upside, immediate resistance is positioned at IDR 17000 followed by IDR 18000 .
- On the downside, immediate support is positioned at IDR 14000 followed by IDR 13000.
- Concisely, prices are likely to hold above IDR 13000 and consolidate within IDR 13500 and IDR 17000 ahead of rebound in the coming weeks.