- Indonesia RBD Palm Olein spot prices have traded on positive note for the seventh consecutive week and gaining into straight third month and currently hovering near IDR 21657.
- Prices are seen turning higher after finding support above IDR 14700 suggesting a shift in momentum to positive bias while both extreme boundaries of the Bollinger band setup are seen turning flat supporting the sideways bias.
- The momentum oscillator RSI (14 period) is seen above equilibrium and inching higher after entering overbought region suggesting positive bias while stochastic is also turning up after easing within overbought zone.
- On the upside, immediate resistance is positioned at IDR 22000 followed by IDR 22500 .
- On the downside, immediate support is positioned at IDR 20000 followed by IDR 19500.
- Concisely, prices are likely to hold below IDR 22000 on further gains and turn lower towards IDR 20000 and lower in the coming weeks.