The Clean Tanker Index continued to fade in Week 7, closing down at 609 after showing a little strength early on.
The RSI started fading also, weakening to 52.39 while the lagging MACD continued down unchecked. With that tiny upper wick showing on the Week 7 candlestick, a rest from the steady downhill pace might be seen.
Taking a nod upwards for Week 7, the Dirty Tanker Index climbed in a post-Lunar New Year surge to an 818 fix. A flat start to the week turned into a steady climb, turning well above our support thoughts in the lower 700s.
Should this be an upward trend starting, we’re watching for resistance in our old 900-925 zone. Should weakness return, support in the low 700s may still be there, waiting patiently.