Dirty Tanker Depression; Clean Tanker surge. Baltic Tanker Indices – Week 13 commentary

by Dave Walker

CLEAN TANKERS

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.

Gaining with the index, the MACD remained on course for a possible bullish crossing of the signal line and the RSI rose away from bottoming values, strengthening to 34.07.

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.


DIRTY TANKERS

For the Dirty Tanker Index in Week 13 our gloomy thoughts were re-inforced by another drop of 47 points to a 648 fix. Our thoughts of next support in the mid-500s may be gaining some weight.

The RSI fell into extreme bottoming territory, entering the single digits at 9.22. The lagging MACD wasn’t given any encouragement, faithfully following the plunge.

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.

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