The Clean Tanker Index gave us a gap-down open for Week 9 but (as the trend has been lately) showed a small range as it faded to a 575 fix.
The RSI stayed relatively flat from Week 8, slightly down at 44.46. The MACD showed nary a waver as it continued firmly bearish, now not far from the zero point. The tight weekly ranges and possibly diverging RSI may hint at a weaker down-trend.
As per our Week 3 comments we’re still looking to the mid-500s zone for possible support to develop, although a reach down to the 475-500 area may materialise if weakness builds.
For Week 9 the Dirty Tanker Index took a fresh 45-point dive to fix at 774 on the week, cancelling our hopes of some strength building for now.
The RSI took a turn towards bottoming values again at 26.15 and the now negatively-valued MACD re-routed from a slight easing-up attitude to point firmly downwards. With the RSI registering lower, there may be some slight recovery pressure building.
The index appears to be on its way to our low-700s target, but the brief rests seen in recent weeks may temper the momentum somewhat.