- Indonesia RBD Palm Olein spot prices traded lower on a weak note & closed at IDR 13668 in its prior week, while currently settled at IDR 13760 with a gain of IDR 92 in the current week.
- Indonesia RBD Palm Olein spot prices declined lower from the resistance barrier 50-Week EMA high at IDR 14731 towards IDR 13526 which is around (50% retracement) of the previous up-move (IDR 12495 to IDR 14731), suggesting price correction may be nearing its end around crucial support zone (50%-61.80% retracement) IDR 13500-13300 zone. Therefore, prices are initially expected to trade mixed & consolidate within IDR 14200-13500 zone for the coming 3-5 days, and thereafter witness gradual recovery higher towards IDR 14500 & above in the coming 1-2 weeks with strong support above IDR 13500-13300.
- The momentum oscillator RSI (14-period) moved lower in its prior week currently sideways, suggesting prices are still hovering in an interim consolidation phase.
- Medium term -Indonesia RBD Palm Olein spot prices formed ‘Double Bottom’ bullish reversal pattern at IDR 12500 & thereby expect prices to progress higher towards pattern target at IDR 16500 in the coming 2-3 months.
- On the upside, immediate key resistance is positioned at IDR 14200, followed by IDR 14500.
- On the downside, key support is positioned at IDR 13300.
- Concisely, prices are likely to find support above IDR 13500-13300 zone on any weakness & gradually recover higher towards IDR 14500 & above in the coming 1-2 weeks.