- Indonesia RBD Palm Olein spot prices witnessed massive upsurge in its prior week and marching towards high at IDR 14731 and closed at IDR 14512 with a gain of IDR 676 (4.88%) for the previous week. Further, prices currently settled at IDR 14632 higher by IDR 120 in the current week.
- Indonesia RBD Palm Olein spot prices are in an strong up-trend marking ‘higher highs higher lows’ consistently since Oct’23 bottom at 12495 and delivered (18%) gains since then. Further, prices witnessed swift decline lower post facing resistance from 50-Week EMA & touched nearly (50% retracement) zone of the previous downfall (IDR 17158-12495), indicating prices are witnessing interim consolidation after strong run-up in past couple of weeks, however up-trend is well intact and prices shall move higher post consolidation towards IDR 15200 & above in the coming 1-2 weeks with strong support above IDR 14000.
- The momentum oscillator RSI (14 period) moved higher in its prior week & holding well above equilibrium level, indicating upside momentum is intact and prices are likely to further keep trending higher with a positive bias in the near term.
- Medium term -Indonesia RBD Palm Olein spot prices formed ‘Double Bottom’ bullish reversal pattern at IDR 12500 & decisive close above IDR 14500 will confirm the ‘W’ pattern & thereby expect prices to progress higher towards pattern target at IDR 16500 in the subsequent weeks. Further, prices are firmly holding above the ‘falling resistance trendline’ is likely to be supportive for the prices in the near term.
- On the upside, immediate key resistance is positioned at IDR 15200, followed by IDR 15400.
- On the downside, immediate support is positioned at IDR 14200 followed by IDR 14000.
- Concisely, prices are likely to hold above IDR 14000 & further move higher towards IDR 15200 & above in the coming 1-2 weeks.