- Indonesia RBD Palm Olein spot prices traded lower for second consecutive week post marking high at IDR 14477 in the previous week, while settled at IDR 13674 with a loss of IDR 401 during the week.
- Indonesia RBD Palm Olein spot prices have recovered to 38.2%retracement of the previous downfall (April’23-June’23) period are now witnessing price correction which will initially push prices lower towards IDR13000, subsequently recovered higher towards IDR 14000 & higher in the 2-3weeks.
- The momentum oscillator RSI (14 period) has moved lower from 45 levels, suggesting price consolidation, and further prices may correct to lower levels before resuming its upward trend in the coming weeks.
- On the upside, immediate resistance is positioned at IDR 15000 followed by IDR 15500.
- On the downside, immediate support is positioned at IDR 13500 followed by IDR 13000.
- Concisely, prices are likely to hold below IDR 14500 & further extend its weakness towards IDR 13000 in the coming 1-2weeks.