by Dave Walker
Week 18’s Clean Tanker Index extinguished the faint hope seen over past weeks and steadily declined to a 536 fix, down 45 points on the week. Thumbing its nose at our thoughts of possible recovery, the messy candlestick formation was just that – messy.
Our 625 – 650 resistance ideas proved too high, with the index turning down in the upper 500s. With the latest move our attention is again on our mid-500s target from Week 15. Some support may develop at or below that zone, at values the Clean Tanker Index held through mid-2018.
For Week 18 the Dirty Tanker Index echoed the range seen in the previous week. Fixing up a few points at 645, the index continued to hover just below our 675 – 700 resistance thoughts.
Well above our Week 12 mid-500s support and holding below our 675 – 700 resistance zone, the Dirty Tankers stayed relatively inert. Some bias to the upside would be welcome, but energy to overcome the inertia hasn’t been seen so far.