Week 13 was a continuation of Week 12 for the Clean Tanker Index, which closed at 563. In the doldrums with a tight 3-point range, the index carried on sideways just below our original support ideas around 575 – 600.
Of interest is the RSI at 30.61, which continued to angle
away from neutral ground towards bottoming territory. The weak bearishness in the MACD also continued, its downward slope easing a little as its value became negative.
As before, we’re watching the 525 – 540 area for any weakness in the index pushing through.
For Week 13, the Dirty Tanker Index posted a modest gain, showing a 661 close on the week. The Index stayed within the sideways channel of the past month, and kept cruising along between our 625 – 630 support zone and our upside resistance ideas of 725 – 750.
It remains to be seen if the index stays contained in this comfort zone. Weeks 12 and 13 were the second step upwards away from the bottom of the channel in the last few weeks, confirming our thoughts of some sideways wandering in this zone. Any excursions down to the 575 – 600 area will be watched closely.