FIS Technical – Panamax Index Report Remains Bullish

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  • An upside price action has come from a lower low meaning it is counter trend, above the USD 16,647 resistance the bear phase becomes negated.
  • Above USD 14,319 the intraday technical exited its bear phase and had a strong push higher.
  • Price action is bullish on the Q1 20 futures above all its averages and making higher highs.
  • Like the Q1 futures the Cal 20 have an overbought stochastic and are in divergence with the RSI.

A FIS technical report says that the panamax index remains bullish but is not a technical buy due to the divergence and arguably a technical sell.

Panamax Index Daily

Support 13,454, 11,963, 10,994

Price action on the index Is now heading higher having only one more day of lower pricing
since the last report.

Bull Argument

  • The index is making daily higher closes

Bear Argument

  • RSI is below 50

Synopsis

  • Price action remains below the 8 and 21 period EMA’s and below the technical
    resistance zone.
  • RSI below 50 as the index approaches the first resistance point at USD 15,446.
  • Upside price action is from a lower low meaning it is currently counter trend.
  • Price action that fails at or below the USD 16,647 would be considered as technically
    weak.
  • Upside moves above the USD 16,647 would negate the current bear phase.

Panamax November 19 Daily – Rolling Front Month

Support –14,065, 13,746, 13,312

After initially rejecting the USD 13,419 technical resistance price action moved higher taking it out of the intraday bear phase.

Current Price – USD 14,725

Bull Argument

  • The RSI is above 50

Bear Argument

  • The stochastic is overbought

Synopsis

  • Price action is above the 8 – 21 period EMA’s.
  • The RSI is in bull territory.
  • Intraday we have a 3-wave pattern that has stopped at the 66% retracement at USD
    15,400, indicating the larger technical remains in bear territory and technically weak,
    opening the possibility to the upside move being a wave B corrective wave in an Elliott
    wave sequence.
  • Near term technical support is between USD 14,065 and USD 13,312.

Panamax Q1 20 Daily

Support –10,886, 10,750, 10,564

The deep pullback on the Q4 futures highlighted that the technical was no longer considered as bearish and subsequently rallied over USD 1,000. Over to the Q1 20 futures now.

Current Price – USD 11,050

Bull Argument

  • RSI above 50

Bear Argument

  • Bearish divergence on RSI

Synopsis

  • Stochastic is overbought.
  • RSI in divergence with price.
  • Price above all its moving averages.
  • Market making higher highs and higher lows.
  • Technically bullish but not a technical buy due to the divergence with the RSI and the
    overbought stochastic.

Panamax Cal 20 Daily (Rolling 1 Year)

Support –10,623, 10,534, 10,220

A weak argument for the bears on the last report, price held at technical resistance for 2 days before going on to make new highs.

Current Price – USD 10,875

Bull Argument

  • RSI above 50

Bear Argument

  • stochastic is overbought

Synopsis

  • Almost an identical technical to the Q1 20 futures.
  • Stochastic is overbought.
  • RSI in divergence with price.
  • Price above all its moving averages.
  • Market making higher highs and higher lows.
  • Technically bullish but not a technical buy due to the divergence with the RSI and the
    overbought stochastic.

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Source: FIS

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