For Week 20 the Clean Tanker Index proved disappointing once again, continuing its downward trend and flattening out towards its 525 close.
Along with a heavily negative MACD that increased its down-ward angle in Week 20, perhaps we’ll see some upward pressure building in the near future.
As we alluded to in our last commentary, Week 20’s Dirty Tanker Index proved our Week 19 suspicions of an approaching upward move. The index has now run through our old 650 -675 upside resistance zone we mentioned for Week 17, and that area could become support should this positive move consolidate itself.
Trending steadily up to close at 714, the index upsurge gave us a MACD that crossed to the bullish side of the signal line. The RSI followed, rapidly rising to a somewhat high 67.65 to knock on the door of peakishness.
With no confirmation of these ideas yet, let’s maintain a critical eye and be wary of a flash in the pan.