Dirty Tankers nod upwards. Baltic Tanker Indices: 2019 Week 7 commentary.

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CLEAN TANKERS
The Clean Tanker Index continued to fade in Week 7, closing down at 609 after showing a little strength early on.

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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.

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Once again though, we are turning our gaze for support towards the mid-500s, (as we did for Week 3) now that our old 650-675 range has been pushed well through.

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DIRTY TANKERS

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.

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The MACD (approaching its zero point) eased slightly from its dive as the RSI rose a little to 27.02, hinting at gaining support from these indicators.

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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.

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