- Indonesia RBD Palm Olein spot prices are trading on weak note, halting its last week’s rebound and settled at IDR 15675 during the week under review.
- Prices are seen halting its upward trajectory and once again closed below 9 week EMA and also holding just near 200 week EMA suggesting a shift in momentum 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 hovering below equilibrium suggesting consolidation while stochastic is turning lower after approaching 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 15000 followed by IDR 14000.
- Concisely, prices are likely to hold above IDR 15000 and witness gradual rebound towards IDR 17000 in the coming weeks.