As before, our tea-leaf reading still gives us ideas of resistance in the low 600 zone, so it remains to be seen how much exuberance this positive move contains. Another hefty move up could turn the low 600s into welcome support for the index.
For Week 16 the Dirty Tanker Index entered a small area of limbo, giving few hints as to its next move.
Any hint of an upsurge might be within the negative value of the MACD, not seen at this level since late Aug. 2017. We’re certainly fishing here, but Week 16 is holding its cards closely while we look for a spring recovery…..well, maybe a late Northern Hemisphere Spring? Hope, ….um…, springs eternal.