For Week 19 the Clean Tanker Index trickled downwards, but recovered very slightly to close the week at 542.
Seemingly reluctant to test the 500 mark we’ve been watching, there’s a possibility that level could become a support area. However, the generalized weakness in the index continued despite the run-up from Week 14 to 17. Let’s still watch that 500 zone if the weakness continues. Our upside resistance ideas continue to be in the low 600s area.
In Week 19 the Dirty Tanker Index kept recent habits and stayed in the same tight channel seen over the past while, closing up on the week at 657. At first glance the chart is a yawner, but let’s watch closely.
As we mentioned in Week 18, the one interesting feature was the negatively-valued MACD which has found its way to the bullish side of the signal line. The RSI rose, although still in relatively neutral territory at 49.69. With no other hints from the other indicators, is the MACD pointing to an upwards break-out for this index?