The Clean Tanker index took a near-50 point gap up to open Week 49, and surged to close at 894. Not having seen this level since 2010, the index seemed somewhat precarious with the RSI at 89.22.
The lagging MACD followed the surge of course, reaching a strongly positive value that may reinforce the precarious look of this index.
Will 1000 points be broken? Perhaps; the possibility of building support in the 725-750 area seems to be there, and the 1000 zone is our next upside resistance target.
For Week 49 the Dirty Tanker index climbed closer to our 1200-1225 upside resistance thoughts, the Friday fix being 1167.
Knocking on the door of 2014 highs, the index may be developing the strength to test the 1200-1225 zone. Observing the peakish hints however, we are also keeping an eye on our 900-925 downside support target.