- Indonesia RBD Palm Olein spot prices are seen consolidating in the last few weeks and currently hovering near IDR 15841.
- Prices are approaching the immediate swing high of IDR 16110 after finding support at IDR 14280 which happens to be rising trend line turning the momentum back to sideways.
- The momentum indicator stochastic (5/3/3) is seen turning lower from overbought region suggesting fading momentum and potential turn around in coming weeks.
- On the upside, immediate resistance zone is positioned at IDR 16550 followed by 17100.
- On the downside, immediate support is positioned at IDR 15300 followed by IDR 14300.
- Concisely, prices are likely to consolidate in the zone of IDR 16550 to IDR 15300.