Supras step on down. Baltic Dry Bulk Indices - Week 45 commentary.

November 12, 2018

HANDYSIZE


For Week 45, the Handysize Index retreated to 656, keeping itself below our 700 - 725 upside resistance target and still making us watch for possible support around 600 - 615.

The RSI, as in Week 44, stayed up in the peakish range at 86.93 while the lagging MACD slowly faded away from bullishness.

With weakness across all the indices, let's continue to watch for support at those lower 600s.

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SUPRAMAX


The Supramax Index continued its downward plunge in Week 45, and we continued to cast a gloomy eye at possible support in the previously mentioned 960 - 975 zone.

With Week 44's gap down mimicking the entire previous three weeks, it seems these support ideas could see some heavy testing. The RSI has barely entered neutral territory, and the MACD has confirmed its crossing to the bearish side of its signal line.

The index is now firmly back at the support levels of Weeks 15 and 23. Let's see if Week 46 shows some cushioning to this sustained dive.

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PANAMAX

 

Closing down at 1495, the Panamax Index continued its weakness in Week 45 as we looked for our support ideas in the low 1400s to come into play.

The RSI pulled up a little into the low 50s. Still in positive value, the MACD crossed to the bearish zone, propelled by the strength of the recent down-move.

The near-200-point drop of Week 43 still casts a heavy shadow on the index, and the 1400 - 1450 zone may yet receive a kick in the teeth.

 

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CAPESIZE


The Capesize Index plunge in Week 45 made us seek out our previous comments, and cast a jaundiced eye over them. Retreating hard below our 2720 - 2750 upside resistance, the Capes lunged all the way down to our downside support ideas in the mid-1400s. Consolidation indeed...

Closing Week 45 at 1461, the index is basically hard up against our downside support thoughts. The MACD diverted sharply from  straying to the upside, and turned firmly into negative values from a near-zero point for Week 44. The RSI is firmly into bottoming territory at 19.38, so the combination of indicators suggests the index could be in a bottoming zone.

Then again, the Capes have never paid much attention to mere mortals like us; let's see how much strength this mid-1400 zone has, if any.

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