FIS Technical – Capesize
Little changed on the index with price and momentum holding technical support suggesting we could be forming a base. Upside moves remain vulnerable below USD 19,700.
The Feb futures remain technically bearish having held support and resistance, however this would suggest a neutral bias is creeping in. The support zone and the potential to produce and RSI divergence below USD 8,125 means the market is not considered as a ‘technical’ sell.