Overbought last week the Panamax index is now pricing lower, however we remain in bullish territory. Market pullbacks below USD 10,319 would be considered as deep and weaken the bull argument.
Overbought last week a corrective move has now gone through the 61.8% support level indicating the technical picture is weakening. Upside moves that fail to close above USD 12,131 would support a weakening technical. However, we remain bearish below USD 12,565.