- Indonesia RBD Palm Olein spot prices traded lower on a bearish note in its prior week, further smartly recovered higher from the low at IDR 12695 in the current week, halting its losing streak from the high at IDR 13704 on 08/09/2023, while currently closed at IDR 12926 with a gain of IDR 200 in the current week.
- Indonesia RBD Palm Olein spot prices have negated further lows & rebounded sharply higher, signaling price correction potentially may have ended at IDR 12700, thereby prices are likely to trade range-bound with a positive bias, & subsequently trade higher going ahead with an upside potential towards IDR 13500 & higher in the coming 2-3 weeks. However, if prices falls below IDR 12700 decisively then upside potential would negate.
- Indonesia RBD Palm Olein spot prices will accelerate upside momentum once it breaks above the ‘falling resistance trendline’ which needs to be watched out as a key catalyst for further upside momentum in the coming 1-2 weeks.
- The momentum oscillator RSI (14 period) moved higher in line with the rising prices, indicating bearish momentum is fading & further prices are likely to trade on a positive note in the near term with the key support at IDR 12600.
- On the upside, immediate key resistance is positioned at IDR 13500.
- On the downside, immediate support is positioned at IDR 12600 followed by IDR 12300.
- Concisely, prices are likely to hold above IDR 12600 & gradually move higher towards IDR 13500 in the coming 2-3 weeks.