- Indonesia RBD Palm Olein spot prices traded higher on a positive note & closed at IDR 13943 in its prior week, while currently closed at IDR 13722 with a loss of IDR 221 in the current week.
- Indonesia RBD Palm Olein spot prices halted its losing streak & recovered higher from the low at IDR 13526 on 15/12/2023, which is around (50% retracement) of the previous up-move (IDR 12495 to IDR 14731), indicating potentially price correction may have ended & prices have resumed its up-trend, thereby expected to trade with a positive bias towards IDR 14500 & above in the coming 1-2 weeks with strong support above IDR 13500-13300.
- The momentum oscillator RSI (14-period) moved higher near to equilibrium level, suggesting prices are recovering after interim consolidation & gaining upside momentum which would drive prices higher in the upcoming weeks.
- Medium term -Indonesia RBD Palm Olein spot prices formed ‘Double Bottom’ bullish reversal pattern at IDR 12500 & thereby expect prices to progress higher towards pattern target at IDR 16500 in the coming 2-3 months.
- On the upside, immediate key resistance is positioned at IDR 14200, followed by IDR 14500.
- On the downside, key support is positioned at IDR 13500, followed by IDR 13200.
- Concisely, prices are likely to hold above IDR 13500 & further move higher towards IDR 14500 & above by 07Jan-15Jan.