- Indonesia RBD Palm Olein spot prices traded lower during the week, while settled at IDR 15571 with a loss of IDR 27 during the current week.
- Indonesia RBD Palm Olein spot prices precisely turned lower from (50% retracement) level placed around IDR 15884 in its previous week coincided with the upper band of the ‘rising channel’ placed around the same level, thereby suggesting corrective recovery or a counter-trend rally may have potentially terminated & prices have resumed its underlying trend (down). Further, the sentiment has turned negative in global palm prices in recent last couple of days is likely to impact negatively on the prices in the near term. Therefore, based upon the above observations prices are likely to hold below IDR 15900 & move lower towards IDR 15000 & below by 20Jun-21Jun’24 period.
- The momentum oscillator RSI (14-period) remained sideways around its equilibrium level during the current week, overall prices are likely to trade ahead on a mixed to negative note in the upcoming week.
- On the upside, immediate resistance is positioned at IDR 15900.
- On the downside, immediate support is positioned at IDR 15000.
- Concisely, prices are likely to hold below IDR 15900 & move lower towards IDR 15000 & below by 20Jun-21Jun’24.