Still on the upswing, the Clean Tanker Index closed a modest rise for Week 47, closing at 602.
Having found our previously mentioned “attraction” zone around 575 – 600, it remains to be seen if this push goes higher. The MACD is just in the process of crossing to the bullish side and the RSI, although climbing, is still relatively neutral at 56.03.
We may see some consolidation around the 625 region or higher, but our possible upside target in the low 700s may be a reach too far at this point.
For Week 47, the Dirty Tanker Index trundled along in a tight range, closing slightly lower on the week at 812.
The index was just above our 750 – 800 zone of possible support. This was up from our previous 700 – 750 estimate in our Week 45 comments. It’s possible the index might see some continuation along this sideways path, however the MACD is still trailing slowly off to bearishness, giving the impression we might see some visits below 800 again.
The RSI continued somewhat off the high end in its low 70s flattish trajectory, but was still a little on the high side.