Dirty Tankers pull back; Clean Tankers firming up? Baltic Tanker Indices: Week 20 commentary.

by Dave Walker


CLEAN TANKERS

A 512 fix finished a tight range for the Week 20 Clean Tanker Index, building on our previous consolidation/support thoughts. Skimming a 504 low mid-week however, the index continued to test our mid-to-low 500s support zone.

The RSI rose slightly to 37.61, still diverging from the general downtrend and hinting at possible index strength. The MACD pushed further into negative values, stretching the index bungee-cord and showing little sign of flattening out yet.

With the slight consolidation signs over the past two weeks, the index may be firming up on these lows. Some upside resistance building just above current levels is possible though, if the index continues loitering at these values. Our previous upside target around 625 – 650 may still be ambitious, so we’re keeping a sideways eye on the 400 – 450 range should present support give way.


DIRTY TANKERS

The Dirty Tanker Index fell in Week 20, fixing down at 678 and taking a bite out of previous gains. In line with our 675 – 700 resistance thoughts from Week 15, the index fell away through the rest of the week.

The RSI just reached 33.70 as the MACD also weakened on its path to a bullish signal-line crossing, both indicators still rising but only just.

The Week 20 pullback makes us glance towards our Week 12 support ideas in the mid-500s again, although the overall look of the index and our indicators may hint at some further strength. Another attempt at our 675 – 700 upside resistance zone would be welcome.

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