Further gloom in the Clean Tanker Index was enhanced by a slow trickle downwards for Week 10. The index took a trip into our lower-end support ideas around 575 – 600, finishing down at 580.
The next couple of weeks should tell if these support ideas hold up, or if we find ourselves looking at a break downwards.
The little bit of buoyancy we saw earlier in the Dirty Tanker Index fizzled in Week 10. Fading early on, the index recovered somewhat to a close at 653.
Still hovering above our support zone around 625 – 630, the index contained the budding enthusiasm seen over the previous two or three weeks. Casting an eye to other indicators, the RSI faded to 24.44 and the MACD continued in a weakening bearish mode with negative value, giving possible hints of bottoming, but no confirmation yet.
The 725 – 750 zone remains a target of ours, although the
indicator action (or lack thereof) may hint at a continued range between the low 600s and mid 700s.