- Indonesia RBD Palm Olein spot prices have recovered sharply and currently hovering near IDR 11329.62.
- Prices have found resistance at IDR 11517 after resuming the positive momentum from IDR 10500 suggesting mixed bias in coming days.
- The momentum indicator RSI (14Pd) is coiling near overbought region supporting the mixed bias in coming weeks.
- Hence, prices are likely to hold above IDR 11500 on any correction and trade higher towards IDR 12000 in the coming weeks.
- On the upside, immediate resistance zone is positioned at IDR 12800 which happens to be 100% Fibonacci extension swing of IDR 7182 to IDR 11878 .
- On the downside, immediate support is positioned at IDR 11500 followed by IDR 11000.
- Concisely, prices are likely to hold above IDR 11500 on any correction and trade higher towards IDR 12800 in the coming weeks.