FIS Technical – Supramax
Supramax Index- Nearing key technical support at USD 9,770, momentum is now starting to slow down. If the USD 9,770 support holds then the near term target is USD 10,740. If support is broken then the probability of a lower high and a directional change in trend increases.
Oct – Pushing higher on the back of a bullish hidden divergence. Momentum is lagging, suggesting a technical breakout would create a bearish divergence. The recent lower low increases the probability of a lower high so upside is looking limited.