by Dave Walker
In Week 11 the Clean Tanker Index pulled up from our mid-500s support estimate from Week 3, fixing at 603.
The index may be on track to take a run at our previous 675-700 upside resistance ideas but it’s early days yet as we watch Week 12 for further indications.
For Week 11 the Dirty Tanker Index slowed its downward momentum, fixing at 737 on a tight 5-point range for the week and taking a pause in the midst of our mid-700s support thoughts.
The general index weakness has us still watching our 675-700 zone as secondary support, but the slow-down in downward momentum may be an encouraging recovery sign. For upside resistance in the case of a turnaround, we’re still watching our previous target in the 900-925 area.