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There is light support at about $2.60, strong support at about $2.30.
This more rapid decline towards and thru $2.80 to the downside is evidence that investors are beginning to give up hope that shipping rates will stabilize at current levels. If they drop much more, especially Panamax, then the industry and DRYS breakeven point is at risk. That would be terrible. $2.60 seems so far away, but not long ago so did $2.80. $2.80 is now being severely tested, but is in the process of changing from support to resistance. The $2.30 range is very strong support, and should hold if shipping rates don't fall below breakeven. China has been the one light in the darkness, but otherwise, the global economy is weaker than many seem to believe. If the $2.30 support range is broken, all bets are off