- Indonesia RBD Palm Olein spot prices are trading on positive note after trading sideways for a couple of weeks and settled at IDR 13402 gaining IDR 102 during the week under review .
- Prices are seen continuing its downward trajectory and still holding below 9 week and 21 week EMA suggesting a shift in momentum to sideways while prices for the first time after many months tested lower Bollinger Band line on the weekly chart while prices witnessed biggest single month decline during July ’22 falling as much as IDR 7150 i.e. more than 20 % and continued its downward trajectory till Sep 2022.
- The momentum oscillator RSI (14 period) is seen turning flat just above oversold region and making higher lows and depicting potential positive divergence suggesting consolidation while stochastic is turning flat after entering oversold zone.
- On the upside, immediate resistance is positioned at IDR 15000 followed by IDR 16000 .
- On the downside, immediate support is positioned at IDR 13000 followed by IDR 12000.
- Concisely, prices are likely to hold above IDR 13000 and consolidate within IDR 13000 and IDR 15000 ahead of rebound in the coming weeks.