Capes pull up, Handies stay dull. Baltic Dry Bulk Indices: Week 22 technical commentary.

June 4, 2018

 

HANDYSIZE


The short Week 22 gave us another dull spell in the Handysize Index, with a mere three-point range to close down on the week at 583. It remains to be seen through the recent gloom whether our thoughts of support around 575 - 600 are in fact asserting themselves.

The MACD came close to negative values and continued its weak bearishness while the RSI, although down slightly, stayed in the low 60s.

There may be hints at upward pressure there, but with our 575  - 600 support zone being lightly tested the signs appear weak for the moment.

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SUPRAMAX

 

For Week 22 the Supramax Index gapped down a little and faded from the outset to close seven points lower at 1061. Confirming the recent move's loss of momentum, the index paused below our 1100 - 1200 upside resistance area.

Still in peakish territory for the Supras, the RSI dropped slightly to 70.86 while the MACD's weak bullishness drooped and made bearish motions towards the signal line.

The overall weakness might result in another test of our 975 - 1000 support, which the index bounced off so strongly following Week 15, but the strength of the Supras recent up-move may be a saving grace.

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PANAMAX


In Week 22 the slow fade of the Panamax Index seemed to continue beyond our warning area around 1250, but then recovered to an 1192 close, up from the 1163 open.

Candlestick-watchers will notice a small lower "wick" on Week 22's candle. Some might call it grasping at straws,
but some upward push-back may be a possibility. The RSI dropped to 27.46, on the threshold of bottoming values, and together with the MACD's strongly negative value may add up to some support.

Let us see if the Panamaxes can make it back up into their old sideways channel, swingy as it is.

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CAPESIZE


The Capesize Index showed a promising recovery in Week 22, rising out of a high 1200s low to close at 1602. Our thoughts of a support zone in the 1500 - 1700 region may be seeing some confirmation with this latest move, and that small wick tailing off the bottom of the Week 22 candlestick might be a hint. We could call this a bullish Piercing Line formation, but it doesn't quite meet the criteria; then again this the Cape index - you never know.

The MACD, lagging and weakly bullish, still angled down towards the signal line. However this indicator is still into negative values and might supply some upward pressure. The RSI stayed just above neutral at 48.55, and a steadier recovery (in the Capes? Hah!) could reinforce more index strength.

For now, we'll wait to see if the 1500 - 1700 area becomes a zone of attraction as it did in the early part of this year.

 

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