$BDRY Breakwave Dry Bulk ETF: Week 24 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%.

For Week 24, $BDRY closed up slightly at 12.39 and at first glance this ETF has come across as a real yawner over the past few weeks. However, a closer look reveals some incrementally higher closes as the fund sneaks slowly into our $12 – $14 resistance zone.

Pushing ever higher, our RSI at 71.71 reached a peakish-looking value. Compare this to Week 18’s RSI of 38.70 at a $12.25 close, hence our yawns. The MACD stayed at an upward snail’s pace, just shy of positive values yet again.

Is $BDRY building a foundation here? Bringing up Week 18’s commentary yet again, we muttered something about consolidation around present values. $BDRY may be experiencing some tempering effects from lack-lustre Supra and Panamax forward curves being offset by Capesize exuberance. Overall the impression is of BDRY gingerly building support just below current levels, offering a welcome buffer against those volatile indices. However a weather eye will also be kept on peakish signals as we tread carefully on eggshell-like support.

Week 24 Baltic Supramax Index

Week 24 Baltic Panamax Index

Week 24 Baltic Capesize Index

*Disclaimer: superiormar.com holds no stock in $BDRY

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