- Indonesia RBD Palm Olein spot prices are seen trading on a positive note and currently hovering near IDR 15654.
- Prices have found support 38.2% Fibonacci retracement based support suggesting a mean reversion within bearish trend.
- The momentum oscillator RSI (14Pd) is seen hovering near equilibrium region after turning lower from overbought region supporting mixed to negative bias.
- On the upside, immediate resistance is positioned at IDR 16250 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 16250 or further extension of correction ahead of turning lower towards IDR 14500.