Last week’s divergence failed on the Capesize index and it remains in a bearish trend. Technical support is now at USD 2,773 and USD 1,994.
The April futures continue to produce weak upside thrusts that fail at the 38.2% retracement levels.
Upside moves above USD 6,680 would neutralise the current trend and above USD 7,267 would create a fresh market high.
Failure to close above USD 6,182 would suggest continued market weakness.