For Week 8, the Handysize Index gapped up at open and rose steadily to fix at 359, reinforcing our hopes of some attraction to the low 400s zone.
Should index strength continue building, some upside resistance might be encountered around the 500 area.
Gapping up 34 points at Week 8’s open the Supramax Index continued its impressive come-back to fix at 707, erasing over half of its agonizing decline and having a second 100-plus point week.
Our previous (albeit pessimistic) comments on low-400s support appear to have had a little weight, with the Supras’ low at 414. Our upside resistance target so far remains the same as in our Week 7 commentary, around the 775-875 area.
Shadowing the smaller sisterships for Week 8 , the Panamax Index posted a modest rise to a 666 fix. (No, of course we’re not reading anything into that number…)
Showing a steady stair-stepping up from the 552 low, the index pulled back well above our support thoughts in the 400s.
With continued strength there might be some resistance building in the 975-1000 zone, although this cautious index building may hint more at a lower target below 900.
In Week 8 the Capesize Index ignored its Week 7 pause and dipped to fix at 545. This kept our eye on our possible support thoughts in the lower 500s zone, with grim thoughts of a target in the lower 300s.
Perhaps some low 500s support could be building – the Cape Index may get there well ahead of any indicators and ease our gloom.