$BDRY Breakwave Dry Bulk ETF – Week 19 commentary.

by Dave Walker

$BDRY profile: ”The Fund’s investment objective is to provide investors with exposure to the daily change in the price of dry bulk freight futures, before expenses and liabilities of the Fund, by tracking the performance of a portfolio consisting of a three-month strip of the nearest calendar quarter of futures contracts on specified indexes that measure rates for shipping dry bulk freight.” Source: drybulketf.com

$BDRY Forward Freight Agreement weighting: Capesize: 50%, Panamax: 40%, Supramax: 10%.

A second weekly close at 12.25 close marked Week 19 for $BDRY, and the price action added some weight to our resistance thoughts in the $12 – $14 zone. While reprising Week 18’s gap-up and gains, the overall action for Week 19 was positive.

The RSI rose slightly above neutral to 46.79 with the week’s upward motion. This also kept the bullish MACD approaching positive values, both indicators seemingly trying for further strength.

Now that we’ve seen some minor consolidation at these levels, further attempts at cracking the $12 – $14 barrier may be possible. So far $BDRY hasn’t built enough clout to do so, but shipping index volatility may work in this ETF’s favour. As before however, our $9.00 support ideas still feel too close for comfort.

Week 19 Baltic Panamax Shipping Index:

Week 19 Baltic Capesize Shipping Index:

Disclaimer: Superior Maritime holds no stock in BDRY.

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