Baltic Tanker Indices: Week 44 technical commentary.

CLEAN TANKERS

The rise in the Clean Tanker Index seemed to consolidate a bit in Week 44, with a small recovery from the pull-backs of
the previous couple of weeks.

The RSI, showing some peakish mid-70s values by early October, has maintained itself in the mid-60s for the past couple of weeks. Along with a still-bullish but lagging MACD, these may be signs of a little consolidation in the index.

With our support ideas in the 525 – 550 area, is it possible the index has actually been paying attention to us? (Don’t answer that.) Should consolidation confirm itself and the index takes another stair-step upwards, we may see some resistance in the 625 – 650 region.

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DIRTY TANKERS

Over the past month or so the Dirty Tanker Index showed some interesting gyrations, tempering the strength of Weeks 40 and 41 with a volatile Week 42. Week 43 gave us another boost, and here we are with Week 44 giving us thoughts of consolidation.

The RSI shows some peakiness at mid-80s values, and the MACD (while strongly bullish) lags the up-move. It’s early days yet, but some support may be building somewhere above the 950 mark, with possible upside resistance around 1275 or so.

For now, see the happy owners among the dirty tanker fleets. Will such happiness continue? Perhaps, if we see some consolidation around present index levels. Glancing at those nasty fundamentals, at time of writing the Iran sanction waiver announcements were made. Week 45 could be interesting.

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