Pessimism was once more the theme in Week 11 for the Clean Tanker Index. The continued march downwards closed at 556, just below our 575 – 600 target zone.
Should that support zone re-assert itself, there may be an upside resistance area around 625 – 650 to contend with, perhaps suggesting some sideways travel in the index. The RSI found itself in neutral terrritory, with the MACD of course continuing its downward run, almost at the zero point.
Over the past year, the MACD hasn’t been very far into negative values before some index recovery was seen. This week may offer some further clues.
For Week 11, the Dirty Tanker Index took a dip below the more-or-less sideways range of the last month. Closing
at 635, just above our support ideas at 625 – 630, the index erased the small gains seen over that time.
The MACD continued, weakly bearish, into negative values. The RSI interestingly reached towards its bottoming zone once again, showing 21.18, so both the MACD and RSI may be hinting at some upward pressure against the downturn.
Should our 625 – 630 support hold, the 725 – 750 zone is a target; however the index may likely spend some time wandering in the lower area of that range.