Handies and Panamaxes pause, Supras and Capes gain (a little). Baltic Dry Indices – Week 49 technical commentary.

HANDYSIZE

The Handysize Index took a rest in Week 49, halting its downtrend just above our 615-620 support ideas from a month ago. Barely visible on the chart, the index closed at 625, down a whole single point on the week.

The RSI continued its downtrend to 69.33, still not far off peakishness. The MACD faded to park itself squarely on the signal line, just on the edge of bearishness.

Perhaps we’re at a small crossroads for the Handies, and it remains to be seen if some support consolidates itself. A gloomy resolution could give us 500-550 as our next downside support. For now however, there may be some inclination to retain some buoyancy in the 600-650 zone.

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SUPRAMAX

For Week 49 a glimmer of hope was seen in the Supramax Index, as it maintained a modest climb to 953 at the Friday fix. Our 960-975 support thoughts from back in Week 44 may be influencing the index at this point.

The RSI continued to wander into bottoming territory
at 23.75, and the lagging, negatively-valued MACD kept weakening in its bearish path.

As these patterns continue to work out, perhaps we’re seeing possible consolidation above our next downside support
target in the 900 region. Any recovery at these levels could see some resistance around the 1000-1150 area.

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PANAMAX

The Panamax Index squeezed into a tight range of five points for Week 49, displaying some indecision after the upward boost of Week 48. The index closed as it opened at 1469.

The RSI hovered around neutrality at 43.56 and the lagging MACD stayed weakly bearish, neither giving up much in the way of directional clues.

This slight fizzle might hint at some consolidation above our low-1400s support thoughts from Week 45, but we’re keeping an eye on the 1350-1375 zone in case of more weakness.

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CAPESIZE

The Capesize Index took a 559-point surge upwards in Week 49, in a range which completely enveloped that of the ominous-looking Week 48 candlestick.

The action nudged the RSI up into neutral territory and made the MACD bend a little further towards the signal line and bullishness, hinting at the possibility of more index strength.

So far our consolidation ideas in the Capes have been borne out a little. However, the index has now bumped up against our low-2000s resistance ideas for two consecutive weeks. It will be worth watching to see if the index manages to push upwards through this zone.

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