- Indonesia RBD Palm Olein spot prices plunged lower on a bearish note in its prior week, while closed at IDR 14049 with a loss of IDR 1085 in its prior week, while currently settled at IDR 14376 during the current week.
- Indonesia RBD Palm Olein spot prices massively dropped lower forming large ‘bearish engulfing’ candlestick pattern from the resistance (IDR 15200-15500) zone contained with (61.80% retracement) of the previous downfall (IDR 17158 Mar’23 to 12495 Oct’23) & 100-week EMA in its previous week, thereby has turned the sentiments from bullish to bearish marking ‘lower highs lower lows’. Therefore, prices are likely to trade ahead on a weak note & slide lower towards IDR 13800 by mid-feb’24 period.
- The momentum oscillator RSI (14-period) moved lower from the overbought region, currently slightly up, suggesting momentum has shifted from upside to the downside & expect prices to further weaken lower in the near term.
- On the upside, immediate key resistance is positioned at IDR 15000.
- On the downside, key support is positioned at IDR 14000, followed by IDR 13500.
- Concisely, prices are likely to hold below IDR 14600 & further extend its weakness lower towards IDR 13800 & below by mid-feb’24.