Capesize November breached the downward trendline on 27 October, having made a higher low the previous day. The rally failed to break through the $37,700 resistance level set by the highs on 4–5 August and failed to record the new high required to establish an uptrend. Trading now seems to be heading sideways, but there are early signs of bullish momentum: MACD above the signal line, RSI making higher lows along a tentative trendline, and OBV on a confirmed uptrend. $37,700 is the next resistance level to watch; a close above here may see the beginnings of an uptrend. Support is offered at $34,000.
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