For Week 24 the Handysize Index took a positive step, closing up at 593 from a 586 open as our 575 – 600 support ideas
appeared to assert themselves.
The apparent lack of overall driving force in the Handies
could result in similar sideways travel to that seen over the last six weeks. Coming off the lower reaches of our support zone but just within our 575 – 600 range, let’s see if this area becomes an “attraction zone” for the index or continues to display some upward mobility.
A small gap up on Week 24’s open gave the Supramax Index a further boost, as our thoughts of mild upward pressure were
borne out by the move. From a 1078 open, the index closed up on the week at 1091, knocking on the door of our 1100 – 1200 upside resistance target.
With our 1100 – 1200 upside resistance target in reach, the index may have momentum enough to run into that zone.
A strong gap up at the Week 24 open pushed the Panamax Index higher, building on its impressive bounce-back for Week 23. From a 1451 open, right at the top of our 1350 – 1400 “attraction zone”, the index closed up at 1495 on the week.
With the RSI displaying some indifference at a neutral 42.59, the MACD sat itself solidly on the signal line, ready to cross to the bullish side. Overall it’s a decent show of strength for the Panamaxes, although the slight weakening as the index passed through the 1350 – 1400 zone was visible.
With our upside resistance target somewhere in the 1675 – 1700 region we’re watching to see if that 1350 – 1400 area builds support for the index.
In Week 24 the Capesize Index weakened a little in its upward surge, confirming our Week 23 thoughts on slowed momentum. In a markedly tighter range, the Capes closed up at 2223 following a fairly weak start for the week.
With our upside resistance ideas still at our old 2500 – 2700 level, our tea-leaf reading and chicken-bone rattling suggests we may have some support building in the 1500 – 1700 zone. Although the Capes have treated that area as a mere tagging point in the past, it seems to have some occasional bearing on the index action.