In Week 45, the Clean Tanker Index took a solid 70-point leap and closed at 652, seemingly using our previous consolidation thoughts as a springboard. Taking a firm poke upwards, the index is now at the upper end of our 625 – 650 upside resistance ideas.
It remains to be seen if Week 45’s move will consolidate itself and use the 625 – 650 zone as support, but the strength in the index over the past three months been unmistakably building.
The Dirty Tanker Index gapped down and retreated further in Week 45, closing at 1092. Looking back at Week 42, we can see
a dark candlestick with the cheery name of ‘The Hanging Man’. Usually considered as a precursor to the end of an up-trend, can we take it seriously?
The last couple of weeks might suggest we should.
After this recent upsurge and pullback, our downside support ideas are in the 900 – 925 range, while upside resistance may come in around the 1225 – 1250 mark should the index strength improve.