FIS Technical – Capesize

The Index is technically corrective with the RSI just above the 50 line. USD 21,692 is the first Fibonacci support alongside the 55 period MA making this a key level. Brent is weak but looking technically oversold having rallied 2.72% from the market close last night suggesting the market could be willing to support these levels as Arabian officials look to stem the decline and could be a source of support the freight market.  

 

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