- Indonesia RBD Palm Olein spot prices are trading on weak note and taking a pause in its gaining streak and settled at IDR 16671 during the week under review.
- Prices are seen renewing its upward trajectory and closed above 9 week EMA but holding just below 21 week EMA suggesting a shift in momentum to sideways to positive while prices are consolidating above recent low of IDR 13117 and turning higher snapping its downward trajectory which was in force till Sep 2022.
- The momentum oscillator RSI (14 period) is seen turning flat after rising from oversold region and making higher lows and depicting potential positive divergence suggesting consolidation while stochastic is turning up from oversold zone.
- On the upside, immediate resistance is positioned at IDR 18000 followed by IDR 18500 .
- On the downside, immediate support is positioned at IDR 16000 followed by IDR 15500.
- Concisely, prices are likely to hold above IDR 15500 and trade on positive note towards IDR 18000 and higher in the coming weeks.