Week 15’s Clean Tanker Index gave us an impressive run-up to close at 529 for the week on a 31-point range. Was it the bottoming signals we babbled about last week? Probably not.
Candlestick students might see the last two candles on the chart as a bullish Piercing Line pattern, but there may be some resistance to the upside moves somewhere in the low 600s. The climbing RSI took an turn closer to neutral at 33.68 as the MACD showed a less-steep bearish trend as it lagged behind the index action.
All in all some encouraging signs from this index, which has so far resisted any serious breaking below the 500 mark for well over a year now. Should we give a nod to those opinions out there that product carriers will be positively affected by upcoming IMO emission rules? Of course not….we do strictly technical analysis here….cough, cough.
For Week 15, the Dirty Tanker Index continued in the sideways channel we’ve seen for a couple of months now. Taking
a reach downwards in the first half of the week, the index recovered thereafter to close just a few points up on the week at 640.
The MACD continued in its flat trajectory, weakly maintaining its position on the bearish side but staying close to its signal line. The RSI surged up from its bottom zone numbers to a neutral 40.10. Whether the index continues to remain in the doldrums remains to be seen.
Looking through the recent sideways channel on the candlestick chart, we can see small reaches downward similar to that of Week 15, then pullback from those points. Perhaps we have the shoots of an Spring index recovery poking through, but no real signals to speak of yet.