Panamax has regained some of the losses from the September/October pullback, just as with Capesizes, but here there are early indications that the rally has stalled. Yesterday’s doji candle indicates indecision in the market, and today’s moves should be watched closely for an indication of direction. Today’s high is just below the 38.2% retracement of the 2 September–2 November decline at $19,670, which may present resistance. Any drop will find support at $17,500, the 27 October low, which was only breached briefly on 2 November.
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