BDI Baltic Dry Index Weekly Chart Sideways Symmetrical Triangle

The Baltic Dry Index (BDI) is a key global bellwether of economic activity. Ships transfer coal, coke, iron ore, steel, grains and many other cargo's that grease the wheels of the global economy. If the global outlook shows encouragement moving forward, the Baltic is one of the first places to look for recovery. Once the raw materials are moving across the ocean waves, good times are ahead. The Baltic peaked in late 2009 and 2010 and is in the doldrums ever since. There are many new ships coming on line so that has to be factored into some of the weakness in the BDI.  Anglo-American news this morning slams commodities further. The sideways symmetrical triangle, however, shows a break out to the upside. The upside target is 1450-1550. 

The Baltic is in the cellar for so long that up appears the only path forward but in these markets anything can happen. China and Asia is slowing down. Europe remains in recession and depression. Everyone touts the U.S. economy but 25 million remain unemployed or underemployed with little hope of finding a job. Despite all the negativity, the chart shows the triangle break out to the upside so the shipping sector is a place to consider for long plays moving forward. This information is for educational and entertainment purposes only.  Do not invest based on anything you read or view here.  Consult your financial advisor before making any investment decision.