- Indonesia RBD Palm Olein spot prices have recovered sharply in the last two weeks and currently hovering near IDR 15667.
- Prices are approaching the immediate swing high of IDR 16110 after finding support at IDR 14280 which happens to be rising trend line turning the momentum back to sideways.
- The momentum indicator stochastic (14/3/3) is seen turning lower from overbought region suggesting fading momentum and potential turn around in coming weeks.
- On the upside, immediate resistance zone is positioned at IDR 16000/16100.
- On the downside, immediate support is positioned at IDR 14500 followed by IDR 14000.
- Concisely, prices are likely to hold below IDR 16100 and trade lower towards IDR 14500 in the coming 3 to 4 weeks.