The weekly bear trend has been neutralised as it is now above USD 9,489. The daily chart is looking bullish, however at 45% from the 20 period EMA it is starting to look over extended.
Q4– Having broken technical resistance it is now testing as a support. If USD 15,713 holds we should see upside continuation. However the stochastic is overbought suggesting the potential for a pullback first.
Cape v Panamax Q4 17 spread – Currently consolidating. Bullish above USD 5,999 and bearish below USD 5,660.
Q4 v Cal 18 – In a range between USD 2,600 – USD 2,130 with an overbought stochastic. If USD 2,600 holds it could attract short term selling interest into the market targeting USD 2,130.