- Indonesia RBD Palm Olein spot prices are trading on positive note snapping its last week’s pullback and settled at IDR 15984 during the week under review.
- Prices are seen halting its downward trajectory and once again closed below recent high of IDR 17158 and consolidating below the same.
- The momentum oscillator RSI (9 period) is seen turning flat after rising from oversold region and hovering below equilibrium suggesting consolidation while stochastic is turning up after approaching oversold zone .
- On the upside, immediate resistance is positioned at IDR 17000 followed by IDR 17500 .
- On the downside, immediate support is positioned at IDR 15000 followed by IDR 14500.
- Concisely, prices are likely to hold below IDR 17500 and witness gradual decline towards IDR 15000 and lower in the coming weeks.