- Indonesia RBD Palm Olein spot prices are seen trading on a positive note and currently hovering near IDR 15347.
- Prices have breached below the rising trend line after finding resistance at IDR 19348 and currently recovering from 38.2% Fibonacci suggesting a potential correction within bearish trend.
- The momentum oscillator RSI (14Pd) is seen hovering below equilibrium region after turning lower from overbought region supporting the above mentioned negative bias.
- On the upside, immediate resistance is positioned at IDR 16000 followed by IDR 17500.
- On the downside, immediate support is positioned at IDR 14700/14500 followed by IDR 13000.
- Concisely, prices are likely to hold below IDR 16000 or further extension of correction ahead of turning lower towards IDR 14000.