Baltic Tanker Indices: Week 10 technical commentary.

March 12, 2018




Further gloom in the Clean Tanker Index was enhanced by a slow trickle downwards for Week 10. The index took a trip into our lower-end support ideas around 575 - 600, finishing down at 580.

The next couple of weeks should tell if these support ideas hold up, or if we find ourselves looking at a break downwards.

The RSI, following the trickle down, approached neutrality at 47.6. The MACD continued bearishly, but still above the zero mark, giving little reason for optimism yet.




The little bit of buoyancy we saw earlier in the Dirty Tanker Index fizzled in Week 10. Fading early on, the index recovered somewhat to a close at 653.

Still hovering above our support zone around 625 - 630, the index contained the budding enthusiasm seen over the previous two or three weeks. Casting an eye to other indicators, the RSI faded to 24.44 and the MACD continued in a weakening bearish mode with negative value, giving possible hints of bottoming, but no confirmation yet.

The 725 - 750 zone remains a target of ours, although the
indicator action (or lack thereof) may hint at a continued range between the low 600s and mid 700s.



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