In a near-imitation of the previous week, Week 27 for the Clean Tanker index was a quiet one, seeing a fix at 542 on a limited range. The index loitered around the level of its recent jump amid speculation over US East Coast refineryhiccups.
Meanwhile, back at the chart screen, our RSI dropped further to a bottomish-looking value of 23.14. The MACD, still influenced by the recent index jump, continued pushing towards a bullish signal-line crossing.
The Clean Tankers continue to give the impression of building strength even as the index rests for the moment. Our 625 – 650 resistance target is still on our radar however, and we wait to see what influence it may have.
Calling a retreat for Week 27 the Dirty Tanker index dropped almost 30 points. Turning back once more from our 675 – 700 resistance ideas from back in Week 15, the index declined steadily to fix at 650.
As the MACD weakened slightly after its bullish signal-line crossing, the interesting note was our RSI which continued upwards to hit 50.37. Too early to call a possible divergence, all the same there may be the hint of underlying strength in the index.
Whether possible underlying strength will boost the Dirty Tanker index is a mere guess at this point, but we continue to watch our 675 – 700 resistance zone which has proved resilient so far. When weakness has set in, support has been around 625 – 650 in the recent sideways motion, but watching for developing RSI divergence may be worthwhile.
For Week 23 the Clean Tanker Index gapped down and reached a 515 low early on before recovering to fix at 521. The recent index action seems to be bracketing a sideways channel, with no impetus to break out in either direction visible yet.
Our RSI was basically unchanged, in neutral territory at 43.92 as the MACD drifted down and away from the signal line, both giving possibly weak signs of building strength.
Our Week 20 thoughts of resistance just above present levels appear to have been borne out somewhat, and some support in the mid-to-low 500s is now visible. We mentioned this downside target back in Week 3 of this year. The Clean Tankers having strength enough to rise out of this zone remains to be seen, but it may be building. The 450 area serves as our more pessimistic target if the present support weakens.
For Week 23 the Dirty Tanker Index pulled up from its recent retreat after failing to pierce our Week 15 675 – 700 resistance zone . Finding a fix at 643, the index was up 9 points despite touching 632 in mid-week.
Our RSI kept pace with the index, rising slightly above bottoming values to 30.21. The MACD took a turn towards its signal-line, closing on a possible crossing.
Seemingly in channel mode as per our recent observations, are the Dirty Tankers taking a pause before trying for our 675 – 700 resistance again? Too early to tell in our case, and in our usual caution we’re keeping a weather eye on our mid-500s support thoughts from Week 12.
Picking up where Week 12 left off, in Week 13 the Clean Tanker Index surged on a 669 open to fix at 737. With this solid push through Week 10’s 675-700 resistance thoughts, the index appearance is of further strength. Notably though, there’s a visible candle wick somewhat off the week’s high at 744. This may hint at some momentum weakness.
Gaining with the index, the MACD remained on course for a possible bullish crossing of the signal line and the RSI rose away from bottoming values, strengthening to 34.07.
It remains to be seen what attraction our Week 10 675-700 zone may have with this index surge, and how much momentum remains in the present move.