- Indonesia RBD Palm Olein spot prices surged higher breaking out of the multi-weeks trading range on a strong positive note during the current week & witnessed stunning recovery from the low at IDR 12495 in its prior week, and currently closed at IDR 14038 with stellar gains of IDR 1222 in the current week.
- Indonesia RBD Palm Olein spot prices are have formed ‘Double Bottom’ bullish reversal pattern at IDR 12500 & decisive close above IDR 14500 will confirm the ‘W’ pattern & thereby expect prices to climb higher towards pattern target at IDR 16500 in the subsequent weeks. Further, prices have firmly breached above the ‘falling resistance trendline’ is likely to be supportive for the prices in the near term. Based on the above observations, prices have concluded the downward correction and resume its uptrend, hence prices are expected to trade higher with an upside potential towards IDR 14800 & above in the coming 1-2 weeks.
- The momentum oscillator RSI (14 period) moved higher in line with the stellar up-move in prices witnessed during the week, indicating bullish momentum is intact and further likely to propel prices higher towards IDR 14800-15000 (50% retracement) of the previous fall (IDR 17158 to IDR 12495) in the upcoming weeks.
- On the upside, immediate key resistance is positioned at IDR 14800, followed by IDR 15000.
- On the downside, immediate support is positioned at IDR 13500 followed by IDR 13300.
- Concisely, prices are likely to hold above IDR 13500 & further move higher towards IDR 14800 & above in the coming 1-2 weeks.