by Dave Walker
For Week 10 the Clean Tanker index appeared to consolidate a little, fixing at 575 and staying just within the previous week’s range.
With the index hovering just above our mid-500s support ideas from back in Week 3, the RSI trailed off somewhat but stayed in its neutral zone at 43.22. The MACD stayed firmly bearish but is lagging a good deal now.
The slowing downtrend may run out of steam altogether if our mid-500s support gains strength. An index recovery could see the 675-700 zone as possible resistance.
Gapping down in Week 10 and falling to a 742 fix, the Dirty Tanker index entered our low-700s possible support zone.
The negatively-valued MACD continued its dive and the RSI at 22.44 was firmly into the bottoming zone. Should support firm up at these RSI levels, we may see a weakening of the downtrend, but precious few signs are visible at the moment.
Further steps downward would have us watching the 675-700 zone for support, (visible on the chart during the first half of 2018) with some hope that the mid-to-lower 700s will hold some sway.