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.
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.
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.
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.
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.
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.
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.
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.