- Indonesia RBD Palm Olein spot prices recovered higher & closed at IDR 14421 in its prior week, while currently settled at IDR 14642 with a gain of IDR 221 during the current week.
- Indonesia RBD Palm Olein spot prices moved up higher in its prior week, post witnessing steep losses in the last week-Jan’24 period, thereby constitute as an interim ‘bounce back’. Further, prices broke the ‘rising support trendline’ with a large ‘bearish engulfing’ candlestick pattern in the last week Jan’24 & marking ‘lower highs lower lows’, suggesting that the downtrend trend in prices is still intact, hence post interim recovery is over prices are expected to resume its decline with a vigor & slide lower towards IDR 13800 by 21feb-23feb period.
- The momentum oscillator RSI (14-period) inched up higher in line with the recovery in prices, overall sentiments has changed to negative, thereby prices are likely to trade mixed to weak in the forthcoming weeks.
- 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 15000 & move lower towards IDR 14000 & below by 21feb-23feb.