- Indonesia RBD Palm Olein spot prices traded higher on a positive note in its prior week, halted its losing spree for last three weeks from the high at IDR 14477, while prices settled at IDR 13688 with a gain of IDR 60 in the current week.
- Indonesia RBD Palm Olein spot prices have recovered higher post finding support from IDR 13102 which is (61.80% retracement) of the previous up-move from IDR 12551-14477 (June’23-July’23) period, indicating price correction may have ended & the prices making higher highs higher lows are likely to further extend its recovery higher towards IDR 14500 in the coming 1-2 weeks.
- The momentum oscillator RSI (14 period) has recovered higher in tandem with rising prices indicating bearish momentum is fading and bullish momentum is building up and potential prices may further climb higher in the near term with the key support at IDR 13100.
- On the upside, immediate resistance is positioned at IDR 14500 followed by IDR 14800.
- On the downside, immediate support is positioned at IDR 13200 followed by IDR 13000.
- Concisely, prices are likely to hold above IDR 13100 & further extend its recovery higher towards IDR 14500 in the coming 1-2 weeks.