Weakness across the board. Baltic Dry Bulk Indices - Week 46 technical commentary.

November 19, 2018

HANDYSIZE

 

For Week 46 the Handysize Index found itself closing down again at 646. The steady march downwards of the weekly candlesticks is a bit worrisome.

The indicators showed relatively little change, as the RSI stayed in peakish country at 82.10 with the MACD showing weakness as it gradually curves towards bearishness.

With the index now just above our 600-615 support ideas, we'll keep watching to see how much strength this zone might have in the coming weeks.

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SUPRAMAX


The Supramax Index gave us no cheer in Week 46, continuing its recent habit of gapping down at each week's open.
Closing at 969, the index at least showed a tighter range on the week compared to previous runaways.

In our previous comments, we talked about possible support in the 960-975 zone should things get really bad, and lo, here we are. As the index approaches the lows of Feb. 2018, the RSI closed on neutrality at 41.25, with the lagging MACD not quite into negative values yet but still bearish. 

The index seems to be in the mood to test the 960-975 zone, although seeing the tighter range in Week 46 may indicate
some shrinking elasticity in the Supramax bungee cord.

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PANAMAX

 

Continuing the gloominess, the Panamax Index closed down for Week 46 at 1453. Previously we spoke of possible support in the low 1400s.

As the index approached that area the RSI continued a contrary climb into the mid-50s. The bearish but still positive MACD may be entering a lagging phase.

 

It's possible the Panamax Index may be approaching one of its semi-regular step-backs visible throughout the chart. Let's see what builds, if anything, in the low 1400s.

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CAPESIZE

 

In Week 46 the Capesize Index took a hard poke through our lower-end support ideas and closed at a dismal 1057.
All was not gloom however, as the low for the week was 940, with the chart showing us a small wick on the bottom 
of the Week 46 candlestick. Hope springs eternal.

The RSI kept its bottoming appearance at 18.08 (although we've seen the Capes in single digits) and the bearish
MACD began to lag in our estimation, running well into negative values.

Even with this plunge through our original lower support thoughts, are we looking at building support in the 800 - 850 range? Let's see if the Cape Index thumbs its nose at us once more.

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