For Week 24 the Clean Tanker Index gapped down on the open and continued its retreat, finishing down at 513. Pushing towards the bottom of our 500 – 525 support thoughts, the index showed little inclination to pull up from its downtrend as yet.
showing very little in the way of upward pushback as yet.
It remains to be seen whether the 500 – 525 zone builds support, although the index’s previous excursion to this level showed recovery from the 498 – 500 mark in Week 15.
In Week 24 the Dirty Tanker Index appeared to bounce up off our Week 20 support ideas, but then finished at 746, exactly
where the week opened.
At first glance, an out-of-position Shooting Star-type candlestick in this downtrend gives the impression of failed upward momentum, however with the RSI still in peakish territory (but not overly high) at 66.55, and a lagging MACD that’s still bullish we might be looking at some consolidation of support in that 675 – 750 region.
Looking up from the charts for a moment and acknowledging those nasty fundamentals, Week 24’s action may be signifying a little uncertainty ahead of this week’s OPEC meeting.