- Indonesia RBD Palm Olein spot prices traded higher & closed at IDR 14899 in its prior week, while currently settled at IDR 15118 with a gain of IDR 219 during the current week.
- Indonesia RBD Palm Olein spot prices moved up higher continuing its winning streak, however approaching towards the ‘confluence of resistance points’ carrying previous swing high placed around IDR 15224, along with long term ‘100-week EMA’ & 61.80% retracement (IDR 17085 Apr’23 to IDR 12495 Oct’23), hence although the upside momentum is intact, one needs to be cautious at current levels. Further, as per seasonality wise prices remain under pressure in AMJ quarter. Therefore, based upon the above observations prices are likely to find strong resistance around IDR 15200-15500 zone & anticipate prices to decline lower towards IDR 14500 & below by mid-Mar’24 period.
- The momentum oscillator RSI (14-period) inched up higher towards 60 level, overall prices are likely to initially trade mixed & subsequently weaken lower in the subsequent weeks.
- On the upside, immediate key resistance is positioned at IDR 15200, followed by IDR 15500.
- On the downside, key support is positioned at IDR 14700, followed by IDR 14500.
- Concisely, prices are likely to hold below IDR 15200-15500 zone on further recovery & gradually move lower towards IDR 14500 & below by mid-Mar’24.