Baltic Tanker Indices: Week 10 technical commentary.

March 12, 2018

 

CLEAN TANKERS

 

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.
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DIRTY TANKERS

 

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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