by Dave Walker
For Week 25 the Clean Tanker index bounced back somewhat and fixed at 510, despite our gloomier thoughts of a downward excursion into the 450s. As the index came off a fresh 2019 low, our Week 19 lower 500s support thoughts (that go back to early 2019) appear to be exerting some influence.
Our RSI hung around the neutral zone at 40.00 and the MACD eased its decline to point towards the signal line again, both indicators being annoyingly non-indicating in this more-or-less sideways index.
With a new 2019 low being previously tapped the Clean Tankers still seem a little weak. Any continuance of Week 25’s decent-looking rebound may see some resistance around our 625 – 650 ideas from Week 17, although the index has shown little appetite for such dizzying heights lately.
In Week 25 a small gap-up, but tighter range, saw the Dirty Tanker index take a second push into our Week 15 675 – 700 resistance ideas to fix at 679, just off a high of 681.
We watch with interest to see what strength our 675 – 700 resistance thoughts may have against a rising index, and if the index has enough energy to avoid more sideways motion.