- Indonesia RBD Palm Olein spot prices are trading on positive note after trading sharply lower for a couple of weeks and settled at IDR 14838 gaining IDR 465 during the week under review .
- Prices are seen witnessing recovery and halting its downward trajectory but still holding below 9 week and 21 week EMA suggesting a shift in momentum to sideways 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 and making higher lows and depicting potential positive divergence 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 14000 and IDR 17000 ahead of rebound in the coming weeks.