For Week 7, the Clean Tanker Index continued to test our upper resistance ideas around 625 – 630. Finishing the week
at 638, any further push upwards through this zone could encounter resistance in the 740 – 750 area.
Over the past year the index has been reluctant to test downside resistance much past the 500 level; should this 625 – 630 resistance prove strong enough, we may see the index finding a comfort zone between the two bands.
The RSI at 60.09 may suggest some strength in the current
upward resistance zone. Meanwhile the MACD, weakly bearish, continued being somewhat non-committal as it cruised along just below the signal line.
In Week 7, the Dirty Tanker Index saw a small climb to counter the recent run downwards. Just above our support ideas at 625 – 630, the index closed the week at 649, with a low for the week at 637.
There may be enough overall downside resistance to counteract the recent downturn, but Week 7’s ray of sunshine was relatively small. If we actually see a turnaround, an upside resistance target may be somewhere in the 775 – 800 zone.
Until next time, a Happy Lunar New Year to all of you from Superior Maritime. 恭喜發財