- Indonesia RBD Palm Olein spot prices surged higher for second straight week on a positive note, while settled at IDR 13722 with a gain of IDR 660 during the week.
- Indonesia RBD Palm Olein spot prices trading in a ‘downward sloping trend channel’ since April’23 & momentum will pick-up once channel lines are penetrated leading to shoot up in prices.
- The momentum oscillator RSI (14 period) has sharply moved higher from oversold zone suggesting positive momentum is intact, however prices are yet to break above the trend channel to confirm reversal in prices.
- On the upside, immediate resistance is positioned at IDR 14400 followed by IDR 15000.
- On the downside, immediate support is positioned at IDR 13100 followed by IDR 12600.
- Concisely, prices are likely to trade above IDR 13100 & continue its upward trajectory towards IDR 14400 in the coming weeks.