- Indonesia RBD Palm Olein spot prices have traded on positive note for the second consecutive week snapping its previous week pullback and currently hovering near IDR 21511.90.
- Prices are seen turning sideways after finding resistance below IDR 22000 suggesting a shift in momentum to sideways bias while both extreme boundaries of the Bollinger band setup are seen turning flat supporting the sideways bias.
- The momentum oscillator RSI (14 period) is seen inching lower from overbought region suggesting mixed bias while stochastic is also easing within overbought zone.
- On the upside, immediate resistance is positioned at IDR 22000 followed by IDR 22500 .
- On the downside, immediate support is positioned at IDR 20000 followed by IDR 19500.
- Concisely, prices are likely to hold below IDR 20500 on any pullback and trade on sideways to positive note towards IDR 22000 – 22500 in the coming weeks.