www.TheSeaNation.gr

Weekly closing 1901. Nothing special and Index continues to drop in slow motion driven mainly by capesizes (below usd29,000 daily), while panamaxes and supras are in a consolidation phase. Momentum is fading and seasonal negative factors knock our door. Market is going to decline further during Nov/Dec/Jan (espclly last two months), and hope not in a strong bearish momentum.

Eventual target is around 1365 to fill the existing GAP. Region around 2200 tends to become strong resistance but, as far as price is above ichimoku cloud, (the coloured cloud inside the chart/japanese technique), we cannot say, at least so far, that we turned in a bearish market. Ichi cloud is a very good indicator for the Index and remind you that price was below that cloud for almost 5 years.

Stelios Lazaris, md Maritime Investments A.G. Zurich