FIS Technical – Panamax
The index remains in bullish territory, however both the RSI and the stochastic are in overbought territory suggesting we have the potential for a price pullback. Price action below USD 10,288 would weaken the current technical.
The July futures continue to remain in overbought territory with the futures making a lower low. However, price remains as technically bullish above its EMA’s and MA at this point. Downside moves below USD 11,676 would weaken the longer term technical picture.