The Clean Tanker Index in Week 21 seemed to confirm our Week 20 mutterings about the build of upward pressure. Rising from our Week 19 support ideas around the 500 mark the index closed the week up at 563, topping a near-40 point surge from the 526 open.
The upswing gave us an RSI back up in neutral territory,
not quite reaching bottoming values. It also caused a bullish
bend towards the signal line for the MACD, which still shows a mild negative value and possible upward pressure.
Whether the clean tankers continue to emulate the dirty tankers’ surge remains to be seen, as we might be looking
at some resistance just above in the 575 – 600 zone.
In Week 21, the Dirty Tanker Index gapped up on a 729 open and continued the upsurge we hinted at back in Week 18, to close up at 781.
Our chicken-bone analysis suggests the index may be close to an upside resistance zone already, perhaps even the 775 – 800 range. The RSI is approaching a peakish zone for this index at 75.00.
Still in negative value, the MACD may indicate further upward strength after diverging onto the the signal line in Week 18 even as the index values languished. If the index was to push through our resistance ideas and sustain support above 800, it would be a return to levels not seen since the end of 2017.