For Week 23 the Clean Tanker Index continued its dribble downwards after nudging our 575 – 600 upside resistance target in Week 21. The index took on the look of a sideways channel in a 15-point down-slide that finished the week at 531.
The index might be reluctant to break below the 500 – 525 region, which we considered as a support zone in our Week 19 comments. The MACD stayed fairly flat, continuing its weak bearishness but displaying quite a heavy negative value. The RSI continued its dance around neutrality at 38.14.
If there is some upward pressure it appears weak, but perhaps the index has little capacity to plumb recent lows any further. Hopefully it’s merely waiting for a seasonal turnaround.
The Dirty Tanker Index gapped down and retreated further in Week 23, closing at 734 in a slight recovery from a 731 low. Continuing its bounce down off our 775 – 800 upside resistance thoughts and a peakish RSI in Week 21, the index is now just above our Week 20 support thoughts in the 675 – 700 area.
Let’s see if our 675 – 700 support ideas assert themselves. That tiny lower wick on the Week 23 candlestick has us watching with interest.