Baltic Tanker Indices: Week 12 technical commentary

March 26, 2018

 

 

CLEAN TANKERS

 

For Week 12, the Clean Tanker Index showed some indecision with a relatively tight range on the week of 7 points. Hanging around just below our downside support target of 575 - 600, the index closed at 557.

The RSI strayed away from neutral territory, dropping to 33.75 while the MACD entered negative values.

Perhaps hinting at a rest in the clean tanker downturn, any recovery might be limited by our thoughts of resistance around 625 -630. If index weakness continues, our next downside target is around the 525 - 540 zone.

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DIRTY TANKERS


For Week 12, we saw the Dirty Tanker Index consolidating the sideways movement of the past few weeks, and recovering to a close of 656. 

With the index moving up from our support ideas in the 625 - 630 region, the RSI climbed to a still-low 26.49 and the MACD's bearishness faded to become a small nod towards the signal line.

Whether these are bullish signals for the index or not remains to be seen. Given our upside resistance ideas around the 725 - 750 area, any index recovery could become some more sideways channelling. 

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