Baltic Dry indices commentary - Week 34

August 27, 2017

HANDYSIZE:
A somewhat promising week for the Handies as the index gained a little, and the previous week's hopes for 450-500 were maintained.

Some persistent MACD weakness as the Relative Strength Index approaches 60 has us treading carefully; the ice isn't very thick yet.

*CLICK ON EACH CHART TO SEE A LARGER VERSION*

A welcome sight in the Handysize Index for the next few weeks would be some consolidation in the 490 - 525 region. 
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SUPRAMAX

For Week 34 the Supras resembled the recent Capesize exuberance, with another hop upwards on a higher weekly open.

 This gives us hope for some consolidation around the 815 - 850 band, which the index has almost poked its way through.

We did mention some possible bullishness a couple of weeks ago, which appears to have been borne out so far.

With MACD positive and RSI still climbing, the hope is for some index consolidation after these upward moves. Is this what makes people rush out and order newbuildings? We hope not.
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PANAMAX:

Although the Panamax index took a dip in Week 34, we're hopeful that this is a sign of some consolidation.

*CLICK ON EACH CHART TO SEE A LARGER VERSION*

As previously mentioned, the 1100 level appears to be the comfort zone. The MACD is still in the positive, but notice the RSI has flattened out somewhat.

 Of course, we don't solely use the technical indicators seen here. We make liberal use of rattling chicken-bones and sprinkling of pixie-dust - after all, this is shipping we're talking about.
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CAPESIZE:

The Capes paused their run-up last week.  ​The peakiness mentioned in our last commentary seems to be firming up. The index is at a fork in the road.

Might it take the next step upwards, or take a steep glide downward again, seen at previous index peaks? Some consolidation above 2500 would improve positive sentiment, but for now the chart is a copy of the action seen from Weeks 11 to 13 this year. If this is the beginning of another swing down to the 750 range seen before, it's yet to be confirmed.

*CLICK ON EACH CHART TO SEE A LARGER VERSION*

Note the previous fall from this area did take a month-long pause at the 1700 - 1750 average; small comfort. Yea verily, the 2500 level doth seem to be a major resistance point for the Cape Index - is this finally the breakthrough attempt? Tune in next week.....

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