For Week 12, the Clean Tanker Index showed some indecision with a relatively tight range on the week of 7 points. Hanging around just below our downside support target of 575 – 600, the index closed at 557.
Perhaps hinting at a rest in the clean tanker downturn, any recovery might be limited by our thoughts of resistance around 625 -630. If index weakness continues, our next downside target is around the 525 – 540 zone.
For Week 12, we saw the Dirty Tanker Index consolidating the sideways movement of the past few weeks, and recovering to a close of 656.
Whether these are bullish signals for the index or not remains to be seen. Given our upside resistance ideas around the 725 – 750 area, any index recovery could become some more sideways channelling.