Baltic Tanker Indices: Week 16 technical commentary

April 23, 2018

 

CLEAN TANKERS


The Clean Tanker Index gave us a gap up on Week 16, following on the heels of our Week 15 bullish Piercing Line comments for Week 15.

With the index closing 60 points higher than Week 15's 498 low, the RSI ran up to neutral territory on the move, and the MACD went flattish, giving a very slight nod up towards the signal line.

As before, our tea-leaf reading still gives us ideas of resistance in the low 600 zone, so it remains to be seen how much exuberance this positive move contains. Another hefty move up could turn the low 600s into welcome support for the index.
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DIRTY TANKERS

 

For Week 16 the Dirty Tanker Index entered a small area of limbo, giving few hints as to its next move.

The previous sideways pattern continued, albeit on a very slight downtrend but still trying to stay in the channel with a RSI basically in neutral at 38.31 and a flat MACD.

Any hint of an upsurge might be within the negative value of the MACD, not seen at this level since late Aug. 2017. We're certainly fishing here, but Week 16 is holding its cards closely while we look for a spring recovery.....well, maybe a late Northern Hemisphere Spring? Hope, ....um..., springs eternal.

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