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
As the BDRY chart flattened out our indicators hinted at possible support in the the $10.50 – $11.00 range, even as we keep an eye on our previous support ideas in the $9.00 area. As BDRY’s 3-month FFA window rolls forward BDRY may gain strength to push into the recent resistance. However, a glance at the Baltic Indices show some slight momentum loss so we’ll see how the tug-of-war goes.
Week 22 Baltic Capesize Shipping Index
Week 22 Baltic Panamax Shipping Index
Week 22 Baltic Supramax Shipping Index
*Disclaimer: Superior Maritime does not hold any stock in $BDRY.