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