Heavy Rains and Trade Conflicts Weigh Heavy on Baltic Panamax Index

Having broken the 200 period MA on the daily technical price action on the Panamax index has rejected technical resistance levels at 10,740 on the weekly chart.

Transportation issues for grains in the U.S. due to heavy rains, coupled with the ongoing trade war have added weight to the technical rejection, resulting in the index producing the largest weekly downward move since the low at the end of January with a drop of USD 882.

 

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