Dirty Tankers pause to breathe; Clean Tankers ease their plunge. Baltic Tanker Indices: Week 15 commentary

by Dave Walker

CLEAN TANKERS

A fix at 586, after a gap-down at open and a tighter range, marked the Clean Tanker Index for Week 15. After pushing upwards through our 675-700 resistance ideas only to retreat, in Week 15 the index leaned a little more towards our old mid-500s support thoughts from January.

Even as the index fell the RSI continued to diverge, reaching up to 42.01 and hinting at a possible break in the down turn. The MACD slavishly followed the index of course, and turned away from its bullish reach towards the signal line.

The mid-500s area continues to be a target for now, but we’re watching the RSI divergence with some interest, given the tightened range in Week 15.


DIRTY TANKERS

For Week 15 the Dirty Tanker Index took a hop upwards. A near-30 point run fixed at 639, eclipsing Week 14’s range. Amongst the bottoming signs, perhaps our gloomier thoughts of support in the mid-500s have been pre-empted by some attraction to the 675-700 zone.

The RSI at least rose out of single digits, but stayed in heavily bottoming territory at 11.97. With such a heavy downturn recently the MACD charged further into negative values, with just a slight divergence to acknowledge the index pause.

Should support strength develop in our closely-watched mid-500s zone, we may see further attraction to (or possibly some pushing through) the 675-700 area. Our next upside resistance target (should such wild ideas occur) is in the 900 region.


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