The Week 8 Clean Tanker Index took another small step down to fix at 595. Maintaining its levels early on, the index faded as the weekend approached.
We mentioned the mid-500s area as possible support back in Week 3, and the continuing weakness is bringing the index closer to that zone as it takes these baby-steps downward.
The Dirty Tanker Index reached up a little in Week 8 and hit an 831 high, but then faded to a 823 Friday fix.
All-in-all not a bad showing as the RSI gained to 29.65, still diverging somewhat and hinting of recovery. The MACD continued to weaken in its downward slide, just into negative values. Some possible recovery signs may be visible here, but how strong is this resting action in the face of such a downturn?
As before, our upside resistance target if strength builds is around 900-925. If weakness resumes we’re still watching the low 700s for support, but a happy medium at present levels would be welcomed for now.