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Weekly Drycargo Shipping Technical Analysis
- Λεπτομέρειες
- Δημοσιεύτηκε στις Τετάρτη, 05 Φεβρουαρίου 2014 15:42
Weekly closing 1110. The main comments last week fully stand. Technically there is not even a slight sign of reversal in attached candlestick chart .In just one month Index declined about 55 pct, (Yday was also Monthly closing and quite devastating indeed as far as technicals are concerned).
However downward momentum is fading although Capesizes trading around usd8200 daily, (already below the marked region of usd10,000 daily), as stated in last week's analysis. The same happens with Handysizes who are also slightly below that level, while both Panamaxes and Supras approaching same level dangerously. A positive note the fact that there is quite an interest for tc period candidates, and especially for Capesizes same is above usd 20,000 daily for 12 months tc period. WOW more than usd12,000 daily than spot market. There is also solid interest for tc period for other sizes too, with majority of head owners unwilling/hesitating to follow operators' practice/offers at this stage.
Almost tired to repeat continuously that region of 800-1000 is extremely strong support and would be quite astonished to be penetrated at least at first approach. Especially level 1000 has these days a significant technical importance, beyond the psycological one which always exists. Above stated area is abs the first ''major support'', followed by the ''top major support'',( around 620), which is far away at least for time being. Chinese festivities for Lunar New Year holidays already started but there is a solid/optimistic expectation for a strong upcoming S.American grain season, especially after Argentina's currency drastic devaluation .
Expect FFA contracts to return in a buying mode shortly. On the contrary TANKERS are trading in reasonable levels, (with softening bias), with VLCCS to be the pioneers in this field, trading well above usd 50,000 daily. So far so good as they also suffered a lot in the past.//Cross figures!!!!.
Stelios Lazaris, md Maritime Investments A.G. Zurich
