by Dave Walker
Picking up where Week 12 left off, in Week 13 the Clean Tanker Index surged on a 669 open to fix at 737. With this solid push through Week 10’s 675-700 resistance thoughts, the index appearance is of further strength. Notably though, there’s a visible candle wick somewhat off the week’s high at 744. This may hint at some momentum weakness.
It remains to be seen what attraction our Week 10 675-700 zone may have with this index surge, and how much momentum remains in the present move.
Our eyes will be on the mid-500s and the hope of some recovery, and that the index isn’t entering an extended bout of depression.