Baltic Tanker Indices - Week 14 technical commentary.

April 9, 2018

 

CLEAN TANKERS

 

For Week 14 the Clean Tanker Index took a heavy gap down through our watch zone of 525 - 540 and closed at 501. 

The RSI approached its lower reaches too at 24.24, with a MACD into the negative values. Pushing through the lower reaches of the range seen through 2017, the index was last at these values in mid-2016.

Altogether these could be read as bottoming signals, however any recovery might be tempered by upside resistance that followed this move down. By this point that may be in the low 600s or so.

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DIRTY TANKERS

 

For Week 14 the Dirty Tanker Index carried on in the channel we've seen over the past couple of months, and closed at 643 on the week.

Staying above our support ideas around 625 - 630, the index bore out our ideas of staying in this range for a while. The RSI remained in its lower value 23.41 for the week, while the MACD flattened out somewhat in its attraction to the signal line and bullishness. 

It would seem that the Dirty index is looking for its next move, with the indicators hinting at some bottoming tendencies. There is still room for weakness however, and we're watching that 550 - 575 region just in case. If the index resists that possibility, a build-up in strength could make a reach for our upside resistance target around 725 - 750.

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