For Week 9, our concerns over the Clean Tanker Index's anaemic attempt to push through our 625 - 630 resistance zone came to fruition. Having mentioned the narrowing range and this zone becoming a springboard, the index proceeded to bounce off the ceiling and took a gap down for Week 9. The week's high of 622 was reached on Feb. 28th, and thereafter the index pulled back to Friday's 600 close.
The MACD, not into negative numbers but cruising along just below the signal line, took a slight turn towards bearishness. The RSI, into the low 50s, approached neutral territory. With resistance seemingly confirmed at the 625 - 630 level, the next question would be, "Where might the support be?"
We could be knocking on that door already, with possible support in the 575 - 600 zone. The general neutrality we're seeing in the MACD/RSI could suggest further travel within the range seen so far in 2018. Week 9's gap down was fairly sizeable however, so we'll keep an eye on the lower end of those support ideas, just in case.
Week 9's Dirty Tanker Index showed a little strength and maintained its position above our 625 - 630 support zone. Confirming the hints from the candlesticks seen in Weeks 7 & 8, a gap up from Week 8 was seen, closing Week 9 at 669.
Should the these signs of strength continue, the possibility of reaching the dizzy heights (?) of 750 may exist.
The RSI rose a little to 26.51, still close to the "bottoming" zone, while the MACD's bearishness continued to weaken. The pressure from a turning MACD still in negative value and a still-low RSI may continue keeping the index buoyed above our 625 - 630 support ideas. Once again though, we'll keep a cautious eye on excursions into the 625 - 630 area.