Tankers fading – Baltic Tanker Indices: Week 6 commentary.

CLEAN TANKERS

Closing Week 6 at 624, the Clean Tanker index continued to lose strength. After a gap-down open below our previous 650-675 support some bearish momentum seems to be building, giving our previous suspicions some weight.

The RSI at 53.90 maintained the only hope of some continued strength, while the MACD stayed bearish after recently crossing the signal line.

The 650-675 zone may now become an upside resistance area should the present weakness continue. For downside targets, we’re watching the low 500s area for some support but hold out some hope for the 650-675 area to still exert some influence.

———————————————

DIRTY TANKERS

For Week 6 the Dirty Tanker index opened with a heavy gap down and fixed down at 795. Sharp-eyed chart watchers will note we’re now knocking at the door of 2018 index levels.

The RSI at 24.78 faded into bottoming territory while the MACD continued its uninterrupted fall, lagging but still positively valued.

There may be some room to fall yet, although we’re still holding out for some kind of pause or even consolidation around our low 700s target.

———————————————

Baltic Tanker Indices: Week 5 commentary.

A HAPPY & PROSPEROUS

LUNAR NEW YEAR!

CLEAN TANKERS

For Week 5 the Clean Tanker index pushed down to fix at 649, barely through our 650-675 support thoughts.

Staying in its sideways pattern, the index showed a still-solid RSI of 54.63 while the MACD continued its bearishness after crossing the signal line previously.

For now the index is only just outside its recent range, so we’ll watch for the 650-675 zone to show any weakness in previous support.

———————————————

DIRTY TANKERS

In Week 5 the Dirty Tanker index slipped off Week 4’s rest and dropped to a 843 fix by Friday.

With our hopes fading for any pull from the 900-925 region, the RSI dribbled below neutrality to 38.01 and the lagging MACD continued its bearish plunge unabated.

Some downside support may be developing around the low 700s area but it’s early days yet, and the index has yet to show any decent recovery from the January dive.

Tankers take a rest – Baltic Tanker Indices: Week 4 technical commentary.

CLEAN TANKERS

Week 4 had the Clean Tanker index adhering tightly to a narrow band right at our 650-675 support ideas, seemingly unwilling to test below 650. The index gained on the week, climbing fairly steadily to a 672 Friday fix.

The RSI followed, gaining a little to 55.62 as the MACD crossed just over its signal line to bearishness. The possibility may exist of the index continuing in the doldrums for a short while.

Any weakness around the 650 area will have us eyeing the 475-500 zone for downward breaks. Should stronger upward forces prevail, which seems the least likely at the moment, our target is around the low 800s area.

———————————————

On these pages, you’ll see Patreon buttons.

Please sign up as a Superior Maritime patron to show your appreciation. Thank you!

———————————————

DIRTY TANKERS

In Week 4 the Dirty Tanker index took a rest and even finished the week slightly up at 877, leaving a small lower wick on the week’s candlestick. Our thoughts of some intermediate support may have kicked in a little early.

However the index isn’t far below our previous 900-925 support ideas, which may be exerting some pull. The RSI lost influence, edging closer to neutral while the lagging MACD continued its bearish dive.

It remains to be seen what influence, if any, that 900-925
zone might be having.

———————————————

Tankers take a rest – Baltic Tanker Indices: Week 4 technical commentary.

CLEAN TANKERS

Week 4 had the Clean Tanker index adhering tightly to a narrow band right at our 650-675 support ideas, seemingly unwilling to test below 650. The index gained on the week, climbing fairly steadily to a 672 Friday fix.

The RSI followed, gaining a little to 55.62 as the MACD crossed just over its signal line to bearishness. The possibility may exist of the index continuing in the doldrums for a short while.

Any weakness around the 650 area will have us eyeing the 475-500 zone for downward breaks. Should stronger upward forces prevail, which seems the least likely at the moment, our target is around the low 800s area.

———————————————

On these pages, you’ll see Patreon buttons.

Please sign up as a Superior Maritime patron to show your appreciation. Thank you!

———————————————

DIRTY TANKERS

In Week 4 the Dirty Tanker index took a rest and even finished the week slightly up at 877, leaving a small lower wick on the week’s candlestick. Our thoughts of some intermediate support may have kicked in a little early.

However the index isn’t far below our previous 900-925 support ideas, which may be exerting some pull. The RSI lost influence, edging closer to neutral while the lagging MACD continued its bearish dive.

It remains to be seen what influence, if any, that 900-925
zone might be having.

———————————————