Clean Tankers, Dirty Tankers head in opposite directions. Baltic Tanker Indices – Week 12 commentary.

by Dave Walker

CLEAN TANKERS

For Week 12 the Clean Tanker Index saw a small opening gap up and launched into a welcome 63-point boost. With a Friday fix at 669, the majority of the move was seen towards the end of the week.

The RSI continued to fall into its bottoming region at 26.9, and the MACD, following the index, entered positive values and made a more bullish move towards the signal line.

Week 12’s action brought the index to the threshold of our previous 675-700 upside resistance ideas, so the watch is on to see if this zone has any influence.


DIRTY TANKERS

The Dirty Tanker Index plunged more forcefully in Week 12, giving more weight to our index weakness thoughts and possible support around 675-700.

With the RSI at 16.95 seen heavily into its lower regions and a fairly negative MACD, the overall feel is of an index that doesn’t have much downward room left.

Now that the index is within our 675-700 secondary support target our indicators suggest bottoming territory. Then again, if indices ever listened to indicators we’d all be rich. In this atmosphere, we’re beginning to cast an eye towards the mid-500s as the next possible support should all the bottoming signs be ignored.

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.

———————————————

Tanker weakness continues – Baltic Tanker Indices: Week 3 2019 technical commentary.

CLEAN TANKERS

For Week 3 the Clean Tanker index appeared to rest a little, following our Week 2 thoughts of the index taking a rest and the low 700s zone showing some attraction.

With a 661 fix at week’s end, the clean tankers still showed some weakness as the MACD dropped, then parked on its signal line.The RSI also faded somewhat to 55.01, with both indicators showing hangover symptoms from the New Year’s plunge.

Some support has consolidated in the 650-675 area, but overall index weakness and a possible bearish crossing of the MACD signal line will be something to watch for. Our next downside target is tentatively in the mid-500s range, should the current support weaken. Some small hope for consolidation may stem from the small wicks visible on the past two weeks’ candlesticks.

———————————————

DIRTY TANKERS

The Dirty Tanker index continued to tumble in Week 3, fixing at 873 from a 925 weekly open. While the overall index plunge seeming to strengthen, the dirty tankers confirmed some previous fears and pushed down through our 900-925 support ideas.

The RSI dribbled down to 51.13, edging closer to neutral territory as the MACD continued its bearish run, neither indicator inspiring much confidence for recovery yet.

Whether the 900-925 zone provides some attraction remains to be seen, and we’re eyeing the 550-575 area in this gloomy period. Some intermediate support is possible in the 750 region.

———————————————

Clean Plunge / Dirty Plunge: Baltic Tanker Indices – Week 2 2019

Welcome to 2019. Well, a week or two certainly makes a difference, doesn’t it? Our last commentary was for Week 50, 2018 and we posted dry bulk and tanker charts through the holiday period, watching as the black marks began to pile up. Our friend Jerome Sorrel summed it up well on the DryBulkPelagos blog – “the sound of the deflating shipping market.

———————————————

On these pages, you’ll see Patreon buttons.

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

———————————————

CLEAN TANKERS

For Week 2 of 2019, our previous comments on peakyness in the Clean Tanker index might have borne some fruit. Once upon a time, back in 2018/Week 48 we expressed concerns about how peaky the Clean Tankers might be. Naturally, right after that the index surged upwards, just popping through the 900 mark.
Running through Week 51 of 2018 however, the index took a pointed downturn, not pausing until it poked a little through our possible support thoughts around 725-750 to close at 667.
Of course, the index up-surge made us look at support closer to the low 800s, but ’twas not to be.

Perched around the mid-to-upper 600s, the chart gives us a small upper candlestick wick and thoughts of further down-moves, although it’s possible that our previous 725-750 support zone is exerting a little influence. The RSI didn’t fall that far in the downswing, staying at off-peak but relatively high values at 58.49. The MACD headed towards a bearish signal-line crossing but has a way to go yet.

Let’s take a breath and see if the index is indeed taking a rest, and we’ll continue watching the low 700s for further moderating influence.

———————————————

DIRTY TANKERS

In Week 2 the Dirty Tanker Index continued to tumble, bouncing off our previous 1220-1250 upside resistance ideas, which we mentioned back as far as 2018/Week 45.
As we eyed our previous support thoughts around 900-925, the index weakened its plunge a little and fixed just above that zone at 929.

The MACD cleanly crossed the signal line into bearish territory, while the RSI still hinted at some remaining index strength as it declined gently to 57.72.

It remains to be seen whether the index will take a solid poke at the 900-925 zone, or if the recentheavy weakness is ready for some consolidation.

———————————————

More Tanker Index strength. Baltic Tanker Indices – Week 50 commentary.

————-//————-

As we head to the Christmas break, we at Superior Maritime would like to extend our very best wishes for this festive season to you and yours, no matter which holiday you celebrate. We’ll see you in 2019.

————-//————-

CLEAN TANKERS

Taking another pop upwards for Week 50, the Clean Tanker Index showed a little less strength than previous surges. Retreating a little from a high of 919, the index left us a small upper wick on the candlestick chart.

There may be a possibility of some consolidation for the recent surge, with the peakish RSI at 88.87. Also, the MACD in high positive values may be hinting at an upcoming rest.

With our upside resistance thoughts in the 1000 range, well above our previous support ideas in the 700-725 area, we are
now watching for possible support building in the mid-to=low 800s.

———————————————-

DIRTY TANKERS

For Week 50, the Dirty Tanker Index continued to rise. Gapping up and ending the week at 1223, the index pushed squarely into our 1200-1250 upside resistance ideas from Week 45.

The RSI also crept upwards to 87.76, continuing its peakish behaviour as the lagging MACD gained some bullish strength with the move.

All this strength in the index suggests a run at the 1200-1225 resistance may be in the works, however the index is approaching levels not seen since early 2014. Let’s see if the index is working up to a consolidation point, or if the peakish signs gather in strength.

———————————————-

Clean Tankers continue to surge. Baltic Tanker Indices – Week 49 technical commentary.

CLEAN TANKERS

The Clean Tanker index took a near-50 point gap up to open Week 49, and surged to close at 894. Not having seen this level since 2010, the index seemed somewhat precarious with the RSI at 89.22.

The lagging MACD followed the surge of course, reaching a strongly positive value that may reinforce the precarious look of this index.

Will 1000 points be broken? Perhaps; the possibility of building support in the 725-750 area seems to be there, and the 1000 zone is our next upside resistance target.

———————————————

DIRTY TANKERS

For Week 49 the Dirty Tanker index climbed closer to our 1200-1225 upside resistance thoughts, the Friday fix being 1167.

The MACD wavered on its weakly bullish path, and the RSI sailed along at a high value of 86.29. Peakishness seems to be the general impression.

Knocking on the door of 2014 highs, the index may be developing the strength to test the 1200-1225 zone. Observing the peakish hints however, we are also keeping an eye on our 900-925 downside support target.

———————————————

Dirty Tankers coiling up? Baltic Tanker Indices – Week 47 technical commentary.

CLEAN TANKERS

In Week 47 we saw the Clean Tanker Index take a positive step in its recent consolidation, closing up on the week at 660.

With the RSI still at a peakish 78.6 and a weakly bullish MACD,
the index is just below our upside resistance ideas around 675-700.

Seemingly held up by our previous 625-650 support area, a continued state of limbo in the index may build some strength to make a push through that 675-700 zone.

Currently at 2018 highs however, (and just below 2017 highs) let’s see how peaky the index might be.

————————————

DIRTY TANKERS

For Week 47 the Dirty Tanker index gave us a solid close up on the week at 1130. With the candlestick chart beginning to resemble a coiled spring, the index gives the impression of gearing up for a move.

The RSI showed a still-peaky 83.84, while the lagging MACD stayed on a fairly bullish trajectory.

For an upside/resistance target, we’re still watching 1220-1225. The 900-925 zone was our previous downside support, which may still be viable. Glancing at the big picture, let’s note that the index is just off a four-year high. Peakish? Maybe.

———————————————-