FIS Technical – Panamax
Having held above the USD 10,319 support level the Panamax index remains technically bullish. Upside moves that close above the USD 11,551 would add to the bull argument. However, price action that fails to trade above this level could be an early warning that the bull phase is weakening and could consolidate or correct.
The August futures have made a higher high after 2 days of aggressive price action. The stochastic is in divergence opening the possibility of a corrective move within the bull phase. Downside moves below the USD 12,039 level would weaken the current technical picture.