- Indonesia RBD Palm Olein spot prices traded higher on a positive note & settled at IDR 14718 in its prior week, while currently closed at IDR 14699 with a loss of IDR 19 in the current week.
- Indonesia RBD Palm Olein spot prices traded positive for second consecutive week, while breached above the 50-Week EMA marking fresh multi-month highs, signaling the upside momentum is well intact & is completely in the bullish grip. Therefore, prices are expected to further trade higher with a positive bias towards IDR 15200 & above by 29Jan-31Jan period with strong support above IDR 14000.
- The momentum oscillator RSI (14-period) moved up further higher, holding well above the equilibrium level in its prior week, suggesting upside momentum is well intact, thereby initially prices are likely to initially consolidate & trade mixed, while subsequently scale up higher in the subsequent period.
- Medium term -Indonesia RBD Palm Olein spot prices formed ‘Double Bottom’ bullish reversal pattern at IDR 12500 & thereby expect prices to further progress higher towards pattern target at IDR 16000 in the coming 1-2 months.
- On the upside, immediate key resistance is positioned at IDR 15400.
- On the downside, key support is positioned at IDR 14000.
- Concisely, prices are likely to hold above IDR 14000 & further extend its gains higher towards IDR 15200 & above by 29Jan-31Jan.