Will the Bulls Take Control? Pacific Basin Shipping Stock- Update

Sriram Balasubramanian
5 min readNov 21, 2021

Why Stock Price is falling and what's on the cards!

Photo by Daniel Lloyd Blunk-Fernández on Unsplash

One of the readers of my articles has asked to write an update on Pacific Basin Shipping and thus, here is my analysis. Note that the analysis is always time-sensitive and may keep changing as stock price keeps changing daily.

Update: 21st November 2021 // Sunday

Let's look at BDRY ETF. Though they do not directly relate to the stock price of any dry bulk shipping company, these freight futures contract gives us some direction and to build conviction over our analysis.

Support / Resistance // Source: Author’s creation at Investing.com

Looking at the monthly charts of BDRY, it was a relief to many to witness BDRY bounce off up at ~ $19.70, which is a support, and at about $25.75 is the resistance on a monthly chart.

Divergence Analysis // Source: Author's Creation at Investing.com

On looking at the relative strength index against the price, the stock price is at proving a lower low, and the RSI is proving a lower high — indicating a reversal in direction.

Momentum Analysis // Source: Author's Creation at Investing.com

On looking at MACD, the blue line (fast-moving) has crossed over the red line (slow-moving), indicating a reversal in momentum.

Based on support/resistance, Divergence, and MACD, BDRY is poised to upward momentum from $24.79 to $30 (next resistance level).

Pacific Basin Shipping — Chart Analysis:

Support / Resistance: Source: Author's Creation at Investing.com

I am looking at the monthly charts of 2343.HK is more likely that the price may continue its journey until HK$2.3, which looks like major support. The resistance is proved at a stock price of around HK$4.34 when looking at monthly charts.

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Sriram Balasubramanian

Building WIBE to enable people to trade stocks to generate consistent cash flow. I enjoy writing on Wealth of all types!