Baltic Dry indices: Week 41 technical commentary

Photo: M. Carlson


For Week 41, the Baltic Handysize Index enjoyed a pop-up to fresh 2017 highs after the Golden Week pause.

Late 2013/Early 2014 was the last period that these levels were seen, either side of a high-700s peak in late 2013. Week 41’s run-up might give us cause to raise possible support to the 550-575 region. Seeing the index knocking hard at the 650 level may mean our 630-650 resistance zone is getting weak, but the RSI is still up in the low-to-mid 80s, with an almost-lagging bullish MACD. Again, some consolidation is what would solidify this index.

There might still be decent upward momentum in the Handies, but we’ll wait until Week 42 to get fully past any Golden Week effects.



Our upside resistance target of 1100 for the Supramax Index saw another run in its direction for Week 41.

The re-tracing of Weeks 39 and 40 was covered and surpassed with the Supras closing the week at 1069.

The MACD recovered some bullishness, straightening out with the index’s lunge upwards.The RSI climbed back into the mid-70s peakishness, but hopefully these are signals of some consolidation on fresh support, should the 1100 level be broken soon.



Showing more exuberance than seen in its past months of climbing, the Panamax index snapped back up in Week 41, marking some wider swings than its more staid recent progress.
Week 40’s bounce off our support target of 1250 continued squarely into our resistance target at 1600.

The MACD is more solid in the bullish direction.Previous Panamax index peaks have seen the RSI closer to the 80s and 90s, and at 67.41 the Panamax index could climb solidly into the 1600s if its stair-step pattern of building
and consolidating continues.



The action in the Cape Index for Week 41 showed a rest around the 2800-2900 level, closing at 2871.

Our possible support zone remains down in the 1800-2000 area, however fresh support may be building in the 2675-2800 zone. 3250 also remains as possible resistance, but might be broken through if that higher support area consolidates.

The RSI is back in peakish territory for the Capes, and our MACD is gradually showing signs of weakness in its bullishness.

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