- Indonesia RBD Palm Olein spot prices are trading higher in the last couple of weeks snapping its last few weeks losing spree after finding support near IDR 25982 just above 13 week EMA post hitting all time high at IDR 30413.00 and settled at IDR 26754 .
- Prices are seen consolidating after making all time high at IDR 30413 suggesting a shift in momentum to bearish bias while both extreme boundaries of the Bollinger band setup are seen turning flat supporting the downward bias.
- The momentum oscillator RSI (14 period) is seen turning flat after easing from overbought region suggesting consolidation while stochastic is turning down from overbought zone.
- On the upside, immediate resistance is positioned at recent high of IDR 29000 followed by IDR 30413 .
- On the downside, immediate support is positioned at IDR 25982 followed by IDR 25000.
- Concisely, prices are likely to hold below IDR 30000 and consolidate within IDR 25900 and 29000 in the coming weeks.