Clean Tankers, Dirty Tankers head in opposite directions. Baltic Tanker Indices – Week 12 commentary.

by Dave Walker

CLEAN TANKERS

For Week 12 the Clean Tanker Index saw a small opening gap up and launched into a welcome 63-point boost. With a Friday fix at 669, the majority of the move was seen towards the end of the week.

The RSI continued to fall into its bottoming region at 26.9, and the MACD, following the index, entered positive values and made a more bullish move towards the signal line.

Week 12’s action brought the index to the threshold of our previous 675-700 upside resistance ideas, so the watch is on to see if this zone has any influence.


DIRTY TANKERS

The Dirty Tanker Index plunged more forcefully in Week 12, giving more weight to our index weakness thoughts and possible support around 675-700.

With the RSI at 16.95 seen heavily into its lower regions and a fairly negative MACD, the overall feel is of an index that doesn’t have much downward room left.

Now that the index is within our 675-700 secondary support target our indicators suggest bottoming territory. Then again, if indices ever listened to indicators we’d all be rich. In this atmosphere, we’re beginning to cast an eye towards the mid-500s as the next possible support should all the bottoming signs be ignored.

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