- Indonesia RBD Palm Olein spot prices are seen trading on a positive note and currently hovering near IDR 18468.
- Prices are seen approaching previous swing high after breaching above 61.8% Fibonacci retracement after finding support at 14736 (38.2% Fibonacci retracement to rally from May’20 lows) keeping the positive bias intact.
- The momentum oscillator Stochastic (14/3/3) is seen approaching the equilibrium region suggesting mixed bias.
- On the upside, immediate resistance is positioned at IDR 19000 followed by IDR 19500.
- On the downside, immediate support is positioned at IDR 17500 followed by IDR 16000.
- Concisely, prices are likely to hold below IDR 19000 on further extension and turn lower towards IDR 17500.