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Dry Bulk FFA Capesize Index To Face Further Pressure

The index has completed 2 impulse waves down, this could be a simple A,B,C correction, however with the stochastic still below 50 we have the potential to see a 3rd impulse wave down.

Feb futures are starting to make higher highs, however the 8 period EMA remains below the 21 period EMA and at this point the Feb contract needs to do more to be considered as technically bullish.

Both the Q2 18 and Cal 19 futures remain above key MA’s and are making higher highs. However, both contracts are showing bearish divergences. Not a sell signal, it is considered a warning that upside momentum could be slowing.

The Capesize index remains in a corrective phase and looks to have completed 2 of 3 impulse waves lower.

Fibonacci resistance is between USD 15,061 – USD 17,286 (38.25 – 61.8%) of the last move down. Technical support is at the recent low of USD 11,458, with further support at USD 11,087 and USD 6,792.

Key resistance on the daily chart remains at USD 20,890, a close is needed above this level to confirm bullish impetus in the market, as this is the most recent high. However, downside moves from here over the coming days could reduce the key resistance level to the most recent high point, which is currently at USD 14,065.

Downside moves that fail to trade below the USD 11,458 level would imply that the downward move is losing momentum, and neutralise the current corrective phase.

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