Seawaymax m/v Wearfield, built Sunderland, UK 1964, scrapped Shanghai 1985.
In Week 46, the Handysize Index saw possible further confirmation of the faint “evening star” candle formation starting back in Week 41, just after Golden Week, and forming for the couple of weeks afterwards. Also see our recent mumblings about the “Witch of November”
The pullback has become gentler, however, and may be approaching possible support in the 575 – 600 zone.
Developing into a major pullback, the Supramax Index continued its diving practice in Week 46. Pushing heavily downwards through the possible 975 – 1000 support band,
the Supras took aim at our lower support target in the 675 – 700 zone, closing the week at 845.
Perhaps there’s a little hope for the Supras yet. Should the bearish momentum ease off a little, we might see some consolidation in the 750 – 800 area.
Also showing some major weakness in Week 46, the Panamax Index echoed our concerns about its swings, and pushed downwards through our 1400s possible support zone, aiming at our previous 1100s target area.
Even with these signs of weakness, there may be a soft landing on or above the 1100s zone that the Panamax Index has been attracted to in the past.
For Week 46, the Capesize Index made us think that it’s gradually curving off into an area of consolidation. The index cruised along in our upper resistance target range, with a push up through 3250 in Week 45, and a return from that peak in Week 46, closing at 3153.
Casting our chicken-bones and pixie-dust, we may have a possible support region firming up around 2500 – 2700. For now the Cape index continues to level off somewhat.