Panamaxes close on our target; Handies gain. Baltic Dry Indices: Week 21 commentary.

by Dave Walker

HANDYSIZE

For Week 21 the Handysize Index showed more positivity, rising steadily across a 7-point range to fix at 393.

The RSI trailed off slightly to 66.12 while the MACD rose away from the signal-line, both indicators hinting at some index stamina possibly returning.

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.


SUPRAMAX

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.

Our RSI pulled back a little to 71.12, flirting with peakishness. The MACD stayed on a steady uptrend, just maintaining its bullish state.

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.


PANAMAX

Week 21 turned out positive once more for the Panamax Index, fixing at 1304 for a 48-point gain.

Our RSI stayed in peaky territory at 93.37 as the MACD bullishly followed the index upward, approaching positive values.

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.


CAPESIZE

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.

Our RSI rose a little more to 66.09, pushing further into peakish territory. The MACD ‘s trajectory flattened out very slightly, the indicator now coasting on the bullish side of the signal-line.

As the Capes begin to waver a little in their path, our 1800 – 2000 target still beckons. Watching our 1000 – 1200 support ideas is also on our radar as possible signs of momentum loss appear.


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