$BDRY pushes further. Breakwave Dry Bulk ETF: Week 26 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%.

A small gap up and a close at 13.15 marked the slow climb in $BDRY for Week 26, with the fund showing some backing from some new-found dry bulk market optimism. Freight Investor Services put it succinctly – “hotter than a billy goat with a blowtorch.”

With the fund’s up-move, our RSI pushed higher to 75.41, the indicator giving further peakish indications even with such a slow steady move upwards. The MACD, just shy of zero values, continued its bullish trend.

The overall bullishness in nearby dry bulk futures has had a positive effect on BDRY as it continues its long, slow push into our $12 – $14 resistance ideas. Should the positivity continue in BDRY, our Week 22 $10.50 – $11.00 support thoughts may consolidate further, giving a decent foundation.

For some insight on financial freight futures, pay a visit to https://cotunchained.com/ for Commitment of Traders data on SupramaxPanamax and Capesize positions.

Baltic Supramax Index, Week 26.

Baltic Panamax Index, Week 26.

Baltic Capesize Index, Week 26.

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

Leave a Reply

%d bloggers like this: