For Week 46, the Clean Tanker Index displayed the same magnetism for the 500 – 600 area that we’ve seen for the past eight months or so. Of course, we can pin the recent Clean Tanker charts to the 2017 hurricane season maps with reasonable accuracy and track the spikes.
The steady climb of the past three weeks suggests a less volatile spike than those seen recently, although Week 46’s run-up put the index squarely inside the attraction zone mentioned above.
Whether this turns into support or resistance remains to be seen, as the MACD turns away from its slight bearishness towards another excursion into bullish territory.
The RSI, displaying some neutrality, suggests the Clean Index might see more of the same action as past months. After the re-tracements from the recent hurricane spikes however, we can hope that the last few weeks’ action indicates a more solid move upwards.
After descending for the two previous weeks, the Dirty Tanker Index for Week 46 closed at 809, showing a small bounce upwards off our previous support target area.
We can probably say the Week 41 gap (created by the boost immediately after Golden Week), has been filled.
The MACD began curving towards bearishness, but if Week 46’s support continues that tendency may fizzle. The RSI remained relatively high at 72.17, although off the peakishness seen over the past month.