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.