The Panamax index has broken support and is now targeting the USD 9,130 support. A close above USD 10,006 would suggest that price action is firming, however this would be below key EMA’s.
The June futures remain technically bearish and continues to make fresh marker lows. We are now seeing a mean reversion gap form between price and the 21 period EMA, with the 21 period RSI entering oversold territory. Not a buy signal it does suggest that the technical is becoming overextended to the downside.