Behold the flying index: Baltic Dry Indices: Week 28 commentary. #drybulk #shipping #maritime #bdi

by Dave Walker

HANDYSIZE

Finally showing less reluctance, the Handysize index surged with its cousins in Week 28, gapping up and rising to a 472 close. The index is now within our Week 21 450 – 475 resistance thoughts.

Our RSI popped up strongly to peaking levels at 81.08 as the MACD closed on its zero point, angling away from the signal line.

Whether our peakish signals hold sway or not remains to be seen in the face of the dry bulk surge. Will the Handies follow suit and use the 450 – 475 band as a stepping stone or will they consolidate? Curious eyes are watching.


SUPRAMAX

Another gap-up and 50-point surge marked Week 28 for the Supramax index, showing a wider range and fixing at 879. Our Week 7 775 – 875 resistance zone has now been covered by the Supras in this latest run at the barrier.

Our RSI flirted with peak values, rising to 67.89 as the MACD widened its gap from the signal line in its bullish climb.

With the Supras now at the upper end of our 775 – 875 resistance thoughts the peakish-looking signs are there, but as with the other indices the general dry bulk sentiment is positive for now. As before, we watch for possible consolidation around this area, or at least a little rest.


PANAMAX

Going from strength to strength, the Panamax index gapped up and hit 1945 after a 250-point surge. Our tentative upside target of 1700 – 1750 registered as a mere pause earlier in the week.

Our RSI stayed in peaking country at 79.87 with a MACD that took on a near-vertical plane, staying not far from the signal line.

The rapid index movement makes possible targets hard to pin down as we plod through the charts, but a 2300 upside target may not be out of the picture for the Panamaxes. Our previous 1700 – 1750 target where the index paused briefly may become consolidation support should peakish signs take over.


CAPESIZE

A positive Week 28 for the Cape Index was marked by some slight weakness mid-week before rising to fix at 3541.

Our RSI pulled back very slightly to 98.17 (let’s face it, it didn’t have much room to grow) and the MACD stayed on its steeper divergence from the signal line.

With the Cape index now regaining similar heights to mid-2018, what’s next? We’re still watching our old 1800 – 2000 resistance zone (weak resistance at that) as possible support in a Capesize consolidation. A 3800 – 4000 target on is our horizon. The slight mid-Week 28 pause in the uptrend may be a tell, but we won’t grasp at that straw. The Capes will always humble their observers…


Fund climbs with dry bulk shipping surge. $BDRY Breakwave Dry Bulk Shipping ETF: Week 28 commentary.


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



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