The Clean Tanker Index for Week 5 closed at 606, slightly up from the 598 low. Having taken a small ride on the bungee cord over the past few weeks, the index may be trying to find some equilibrium. Finding itself in roughly a 540 to 740 range, the Clean Index is sitting right around the 600 mark, the average of the past few months. With this zone acting as an area of attraction, lower support could be in the 500 area, with upper resistance around 750.
The RSI has climbed into higher territory at 59.29. You'll notice previous downward runs have shown prior RSI values in the 70s, so watching this current RSI may prove useful should we see some upward motion.
The MACD strayed to the bearish side, just crossing the signal line a little, so let's keep an eye on that too, given the somewhat bearish candlestick seen for Week 5. Not to be too pessimistic, this formation could be construed as a 'Dark Cloud Cover', but it's at an odd place in the trend.
For Week 5, the Dirty Tanker Index took another 20-point hit, finishing down on the week at 658.
Our ideas for possible support are in the 625 area, which the index may be ready to test.
In the case of an upturn from such possible support, our upside resistance target is in the 800 - 825 zone, perhaps as low as 785.
The interesting thing is the RSI, now below 20 at 19.01, suggesting the 625 support area may work out. The MACD continued bearish, but falling below the zero line may be a hint of support-building.