- Indonesia RBD Palm Olein spot prices surged higher during the week on a positive note for third consecutive week breaking past the key barrier ‘downward sloping trend channel’ since April’23, hence turning the sentiment bullish driving prices higher, while settled at IDR 14477 with a gain of IDR 541 during the week.
- Indonesia RBD Palm Olein spot prices have broken above the ‘downward sloping channel’ decisively thereby initially climb higher towards IDR 15500 (61.80% retracement) of the previous downfall (April’23-June’23) period with support above IDR 13500-14000 on any pullback in the coming 1-2 weeks.
- The momentum oscillator RSI (14 period) has sharply moved higher from oversold zone suggesting positive momentum is intact, & would further drive prices higher in the coming weeks.
- On the upside, immediate resistance is positioned at IDR 15000 followed by IDR 15500.
- On the downside, immediate support is positioned at IDR 13500 followed by IDR 13000.
- Concisely, prices are likely to trade above IDR 13500 & extend its gains higher towards IDR 15500 & higher in the coming 1-2weeks.