Although Capesize August has pulled back following the sharp rise between 28 July and 5 August, bullish momentum remains in place. Key Fibonacci levels are at $37,900 (38.2% retracement, drawn on the chart here), $36,700 (50%) and $35,500 (61.8%). The last rally from 26 June to 14 July pulled back to just below 61.8% retracement before recovering. Key resistance is at $41,750, the peak of the recent rally and the all-time contract high.
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