- Indonesia RBD Palm Olein spot prices are seen inching higher in the last few weeks and currently hovering near IDR 17157.
- Prices have breached the immediate swing high of IDR 16110 after finding support at IDR 14280 which happens to be rising trend line turning the momentum back to positive.
- The momentum indicator stochastic (5/3/3) is seen in overbought region suggesting positive momentum but with a potential correction in coming weeks.
- On the upside, immediate resistance zone is positioned at IDR 18000 followed by 18500.
- On the downside, immediate support is positioned at IDR 16700 followed by IDR 16000.
- Concisely, prices are likely to hold above IDR 16700 and trade higher towards IDR 18000.