Week 17’s Clean Tanker Index continued its upsurge, giving another healthy move up to close at 571. The exuberance of the previous week was more restrained as the index approached our upside resistance ideas in the low 600s area.
Following this little bit of restraint the RSI slowed slightly in its ascent, still relatively close to neutral at 50.58. The MACD, well into negative values, continued nodding towards bullishness but has some way to go if the signal line is to be crossed.
Let’s keep watching the low 600s to see if the Clean Tankers
have continued momentum or not.
The Dirty Tanker Index, though still in limbo for Week 17 gave us a decent nod upwards to close at 655. While covering a good deal of the range seen over the past three months or so, the index still seems to be seeking a direction.
It’s possible the index has run into some upside resistance in the 650 – 675 zone, more-or-less the upper boundary of the recent chart action.
Like last week, the negative MACD attracted attention as it crept towards the signal line, stopping just shy of crossing to the bullish side. The RSI retreated a tiny amount to 37.37; basically neutral.
Let’s keep watching to see if the index is hinting at a break-out from the doldrums. Upwards would be nice.