Tankers fading – Baltic Tanker Indices: Week 6 commentary.

CLEAN TANKERS

Closing Week 6 at 624, the Clean Tanker index continued to lose strength. After a gap-down open below our previous 650-675 support some bearish momentum seems to be building, giving our previous suspicions some weight.

The RSI at 53.90 maintained the only hope of some continued strength, while the MACD stayed bearish after recently crossing the signal line.

The 650-675 zone may now become an upside resistance area should the present weakness continue. For downside targets, we’re watching the low 500s area for some support but hold out some hope for the 650-675 area to still exert some influence.

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DIRTY TANKERS

For Week 6 the Dirty Tanker index opened with a heavy gap down and fixed down at 795. Sharp-eyed chart watchers will note we’re now knocking at the door of 2018 index levels.

The RSI at 24.78 faded into bottoming territory while the MACD continued its uninterrupted fall, lagging but still positively valued.

There may be some room to fall yet, although we’re still holding out for some kind of pause or even consolidation around our low 700s target.

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