- Indonesia RBD Palm Olein spot prices traded higher & closed at IDR 16850 in its prior week, while currently settled at IDR 17057 with a gain of IDR 207 during the current week. Further, prices have clocked nearly (24%) gains since Feb’24 low at IDR 13761.
- Indonesia RBD Palm Olein spot prices have been in an massive up-trend marking ‘higher highs higher lows’ consistently since past couple of months in line with the global edible oils rally, indicating however the up-trend is still intact is now approaching towards the ‘resistance zone’ carrying previous swing highs placed around IDR 17300-17500 zone, where previous rallies got terminated & witnessed strong correction on the downside, thereby needs to be cautious at current levels as RSI(14) momentum readings are at peak levels 72. Further, as per seasonality wise prices remain under pressure in AMJ quarter. Therefore, based upon the above observations prices are likely to find strong resistance around IDR 17300-17500 zone & anticipating prices to subsequently decline lower towards IDR 16500 & below in the upcoming weeks.
- The momentum oscillator RSI (14-period) remains in overbought territory near 72 level, hence prices are likely to trade on a mixed to weak note in the near term.
- On the upside, immediate key resistance is positioned at IDR 17300, followed by IDR 17500.
- On the downside, key support is positioned at IDR 16500, followed by IDR 16000.
- Concisely, prices are likely to hold below IDR 17300-17500 zone on further recovery & subsequently move lower towards IDR 16500 & below by 1st week-Apr’24.