Baltic Tanker indices: Week 45 technical commentary.

November 14, 2017

 

CLEAN TANKERS

 

In Week 45, the Clean Tanker Index continued a cautious upward path, similar to the previous two weeks. 
Coming off the so-far strong support in the 500 zone, there may be some resistance met in the 575 - 600 area.

We might see a continuation of the sideways movement seen for mid-2017, before the more volatile activity seen in Weeks 35 - 42.

Reinforcing these ideas is a RSI still fairly neutral at 49.60, and a MACD in weak bearish territory.

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DIRTY TANKERS

 

A pullback from the upward surge seen in Week 41 continued for the Dirty Tanker Index in Week 45, gapping down from Week 44's retreat. 
The possibility exists of support in the 700 - 750 range, with our upper resistance target in the 975 - 1000 region.

The MACD, lagging as it does, continues its weaker aspect as it curves away from the upward trajectory. The RSI has descended from the peakish zone of the 80s to 71.90.

The overall weakness suggests we might see further downward motion, but we could see strength in that 700 - 750 support.

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