The recovery for Panamax was much less pronounced than that for Capesize, barely retracing any of the loss. The indicator picture is also more consistently bearish than for Capesize, with all indicators showing bearish momentum. Without a significant change to this picture we could expect Panamax to continue to decline over the next few days. Support will be found at $18,600. Any move in the other direction will find resistance at $20,250 and then $21,000.
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