Week 4 had the Clean Tanker index adhering tightly to a narrow band right at our 650-675 support ideas, seemingly unwilling to test below 650. The index gained on the week, climbing fairly steadily to a 672 Friday fix.
Any weakness around the 650 area will have us eyeing the 475-500 zone for downward breaks. Should stronger upward forces prevail, which seems the least likely at the moment, our target is around the low 800s area.
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In Week 4 the Dirty Tanker index took a rest and even finished the week slightly up at 877, leaving a small lower wick on the week’s candlestick. Our thoughts of some intermediate support may have kicked in a little early.
However the index isn’t far below our previous 900-925 support ideas, which may be exerting some pull. The RSI lost influence, edging closer to neutral while the lagging MACD continued its bearish dive.
It remains to be seen what influence, if any, that 900-925
zone might be having.