$BDRY Breakwave Dry Bulk ETF : Week 23 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%.

Still nudging at our $12 -$14 resistance zone from Week 18, $BDRY reached a high of $12.65 but closed off the week at $12.30.

Our RSI kept climbing, reaching 60.54 as $BDRY made barely noticeable highs. The MACD almost reached its zero point, both indicators still showing some strength although the RSI causes a little peakish concern.

As $BDRY continues to poke at our Week 18 resistance ideas, our thoughts of possible support building around $10.50 – $11.00 are still there. A glance at last week’s Baltic Shipping Index charts (see below) shows a drop-off in the Supramax and Panamax sectors while the Capesize category surged, tempering the others’ weakness. BDRY’s sideways travel may linger a while.

Week 23 Baltic Supramax Shipping Index

Week 23 Baltic Panamax Shipping Index

Week 23 Baltic Capesize Shipping Index

*Disclaimer: Superior Maritime does not hold any stock in $BDRY.

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