FIS Technical – Capesize
The Capesize index is technically bearish with an RSI that is now in oversold territory as we approach technical support. Price action needs to close above USD 18,676 to create a fresh market high, at this point the technical would be considered as starting to strengthen.
The November futures remains in bearish market conditions and is now below the 55 period MA on the intraday move. Technically we remain weak with the RSI at 48 suggesting there is potentially more downside unless we see a strong upside move in the index as the spread remains above USD 6,000