by Dave Walker
For Week 21 the Handysize Index showed more positivity, rising steadily across a 7-point range to fix at 393.
There may be some support beginning to build just below the present values. With our previous upside resistance thoughts around the low-400s, we may see some push and pull as the Handies seek a target. Should support firm up, we’re watching the 450 – 475 area. 350 – 375 is our target if weakness takes over.
Week 21 was another flat period for the Supramax Index as it fixed at 778, on the edge of our 775 – 875 resistance ideas from back in Week 7.
As with the Handies, the Supras may be hinting at some support building just below current index levels. With 700 – 725 as tentative support, we’re watching for another attempt on our 775 – 875 zone. Depending on the fundamental tug-of-war, we have a 950-ish target for a successful upward push, but casting a glance or two below 700 in case of a retreat.
Week 21 turned out positive once more for the Panamax Index, fixing at 1304 for a 48-point gain.
Our other indicators still hint at some consolidation, and as before we’re watching our 975 – 1000 support ideas, first brought up back in Week 8’s comments. The Panamaxes gained a fair amount of momentum as they closed on our 1350 – 1400 upside target/resistance, and there may be enough to treat this zone as another rest/consolidation point.
The Capesize Index gave us a small gap up in Week 21 to fix at 1545, up from 1470. The Friday fix was just off the week’s high of 1558.