- Indonesia RBD Palm Olein spot prices retreat lower from the high at IDR 13704 during the week, before settling at IDR 13585 with a loss of IDR 80 in the current week.
- Indonesia RBD Palm Olein spot prices witnessed recovery from the low at IDR 13102 which is (61.80% retracement) of the previous up-move from IDR 12551-14477 (June’23-July’23) period is very tepid and weak, hence prices are likely to trade on a weak note and continue to decline lower with the possibility to re-test IDR 13102 & move further lower towards IDR 12800 in the coming 1-2 weeks.
- The momentum oscillator RSI (14 period) post recovering higher is currently hovering 45 level indicating bullish momentum is fading and the underlying bearish momentum is likely to accelerate & push prices lower in the near term with the key resistance at IDR 14000.
- On the upside, immediate resistance is positioned at IDR 14000.
- On the downside, immediate support is positioned at IDR 13200 followed by IDR 13000.
- Concisely, prices are likely to hold below IDR 14000 & further extend its weakness lower towards IDR 13000 in the coming 1-2 weeks.