- Indonesia RBD Palm Olein spot prices are trading on positive note, snapping its last couple of weeks pullback and settled at IDR 16598 during the week under review.
- Prices are seen renewing its upward trajectory and closed above 9 week EMA and also holding just near 21 week EMA suggesting a shift in momentum to positive while prices are consolidating above recent low of IDR 13117 and turning higher snapping its downward trajectory which was in force till Sep 2022.
- The momentum oscillator RSI (14 period) is seen turning flat after rising from oversold region and making higher lows and depicting potential positive divergence suggesting consolidation while stochastic is turning up from oversold zone.
- On the upside, immediate resistance is positioned at IDR 17000 followed by IDR 18000 .
- On the downside, immediate support is positioned at IDR 16000 followed by IDR 15000.
- Concisely, prices are likely to hold above IDR 16000 and trade on positive note towards IDR 18000 and higher in the coming weeks.