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.
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.
For Week 22 the Clean Tanker Index fixed at 537, showing a very tight 4-point range. Our Week 20 thoughts of upside resistance building around present values may be gaining some credibility, although Week 22’s strong gap-up on open is quite noticeable.
Our RSI climbed through neutrality to 43.53 while the MACD continued to trail off towards the signal-line, weakening in its downtrend.
Our mid-500s support ideas from back in January of this year, and mentioned several times since, have been tested in the last few weeks. Our recent upside resistance target around 550 – 575 may be seeing some acknowledgement with Week 22’s high of 541, but let’s not read too much into the indices during a holiday week. Overall the Clean Tankers may still be gaining strength.
Dropping again during Week 22, the Dirty Tanker Index continued to rebound off our 675 – 700 resistance zone and fixed at 636, down another 9 points.
Our RSI dropped further towards bottoming territory at 24.93. The MACD shied away from crossing the signal-line, acknowledging the recent bearishness, but both indicators may be hinting at gathering strength even as the index drops.
The recent index action somewhat confirms our Week 21 thoughts of some sideways motion, as the index takes a trip back to Week 13 / 14 levels and hopefully support around the 2016 and 2017 lows. We’re watching to see if the index is good for another run at our 675 – 700 resistance.
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.
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.
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.
The RSI divergence that gave previous hope and seemed to hold the index faded, falling below neutral to 35.71. In turn the MACD resumed its bearish course, reflecting the loss of index strength.
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.
The RSI stayed relatively flat at 18.65, still maintaining a strong bottoming stance. Very slowly closing on the signal line, the MACD also mimicked the sideways travel as the index flattened out.
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.
The Handysize Index decline shrank even further in the 4-day Week 17, showing a very tight 3-point range to fix at 389, almost level with the previous week’s fix. What optimism may be drawn from this is hard to say.
The RSI climbed into divergence, forging up through neutrality and maybe offering further optimism. As with previous weeks the MACD has cruised along almost level, staying just above the signal line since crossing it in Weeks 12-13.
Even with some slight technical optimism, there seems to be little in the way of upward-moving incentive so far. As we watch our lower 300s downside mark, the RSI divergence and slowed downtrend may yet brighten the day for the Handies.
Gapping up almost 20 points at the Week 17 open, the Supramax Index surged almost 30 points to its 780 Friday fix. This puts the index just over the threshold of the 775 – 875 resistance ideas that have been on our radar since Week 7.
The RSI at 54.44 reinforced the index strength while the MACD pulled away from its lean towards the signal line and bullishly followed the rest of the pack.
After casting our chicken bones and testing the wind, the strength of this Supra surge could develop some support around the low 700s, up from our previous 550 – 600 thoughts from Week 15. Let’s see what strength our 775 – 875 resistance ideas may have after showing some muscle back in Week 13.
A gap up and further strength marked the Panamax Index for Week 17. Fixing at 1186 after a 15-point climb, the progress through the week was steady. The tighter range may indicate some loss of index momentum, but recent strength has so far been on the Panamaxes’ side.
The RSI gained to a strong 57.07 to boost the index as the lagging MACD continued with little wavering to be seen. Back in Week 8 we made noises about possible resistances around the 900 / 975 – 1000 regions, both visible during the recent index climb. Registering as consolidating areas along the way, these points gave the stair-step effect we’ve seen in the Panamaxes before.
The overall strength in the Panamaxes may still have steam, and could see support building in the 975 -1000 zone. Our next resistance target is in the 1350 – 1400 region, although some attraction may still exist around that 975 – 1000 area.
For Week 17 the Capesize Index took a more Cape-like surge, with a sizable gap up and fix at 783 after climbing over 200 points. We’re watching with great interest as the index approaches our Week 14 upside resistance target in the 1000 – 1200 range.
The RSI surged with the index, climbing out of bottoming values to reach 29.71 and hopefully further strength. The heavily negative MACD barely crossed the signal line into bullish hopefulness.
While there may be no champagne corks popping yet, Week 17 was a ray of hope amidst the general Capesize uncertainty. Should the index strength continue, our 1000 – 1200 zone resistance thoughts may just be a chart footnote…..hopefully.
The Clean Tanker Index took a positive turn on Week 17, eclipsing the previous week’s range to fix at 584. Our ideas of index optimism were somewhat reinforced but we won’t jump to conclusions yet, given such a small week 17 range. All the same, the chart could still have a very messy Morning Star Doji forming.
The RSI stayed in the neutral zone, rising slightly to 41.23 to maintain its diverging attitude. Following the index a little, the MACD‘s downtrend eased very slightly to more-or-less parallel its signal line.
Overall, the slight bullishness has the index consolidating around the pre-spike lows of Weeks 9 & 10. Even with a diverging RSI, this slight recovery just above our mid-500s support thoughts may be tempered by possible resistance in the 625 – 650 zone.
The recent enthusiasm in the Dirty Tanker Index fizzled a little in Week 17, with the index fixing down overall at 640 after seeing a low of 635. Some consolidation may develop as a result of this stumble, and our wild ideas of a reach to 900-zone values are growing dimmer.
Still in nether region values, the RSI rose to 18.43 as the MACD kept on a more shallow trajectory, gradually closing on its signal line. Both indicators hint at weakening bearishness, but as with recent weeks the index has paid scant attention to them.
The index rise towards the end of the week was encouraging however, and as before we’re watching our 675 – 700 target for possible resistance. Should the Week 17 weakness persist, our mid-500s support thoughts from back in Week 12’s comments are always waiting for us.
For Week 16 the Clean Tanker Index stayed within a tight 10-point range to fix at 576. The chart showed an interesting formation as it paused just above our mid-500s support ideas. A Morningstar Doji could be imagined but it’s a little messy for candlestick purists, being not much more than a spot (or blemish?) on the chart.
The RSI kept within neutral territory, but weakened somewhat in its divergence from the general downtrend. The lagging MACD entered negative values and continued to tail off, fading away from the signal line.
The chart formation and diverging RSI this close to our mid-500s support thoughts may be hinting at improvement in index fortunes. Should Week 17 prove more bullish, we’re watching the 625 – 650 area for any upside resistance. For the downside, the mid-500s may still hold some sway. It’s worth noting that the index is currently at the same value as the previous two lows in late 2018 and early 2019.
The Dirty Tanker Index picked up where it left off for Week 16, opening at the previous week’s fix at 639. A more contained range saw the Friday fix at 653, with the index showing some more attraction to our 675-700 zone.
The RSI, still in the bottoming zone, lifted further to 16.50. The MACD curved away from the downtrend, angling a little further towards its signal line. The index has been technically bottoming for about a month now, so is it now paying attention to the indicators? (No laughing from the back row please – thank you.)