For Week 18, the Clean Tanker Index stopped short, retreating from our upside resistance thoughts around 600 and taking a downward run to close at 545. Having reached no higher that 571 on the previous run-up, it may be that the index is having second thoughts of penetrating through the low 600s.
The MACD mirrored the move and trickled down away from its forays towards the signal line and bullishness. The RSI also retreated to a somewhat neutral value at 37.50.
As we mentioned in Week 15's comments, the clean index has resisted any serious excursions below the 500 level for the past year. (Um,... let's not look at the gloomy lows prior to that period) Perhaps we can hope for the sideways travel seen through this period in 2017, all the while keeping an eye on that 500 zone.
In Week 18, the Dirty Tanker Index once again restrained itself and stayed within the sideways channel of recent months.
On the 650 close, the RSI stayed in the neutral zone at 41.11 after the recent bottoming lows, and the negatively-valued MACD took an interesting direction and parked itself squarely on the signal line.
As we mentioned in the Week 16 comments, the heavily negative MACD hasn't seen this level since Aug. 2017. Whether this translates as upward pressure into bullishness remains to be seen, but it has shown us a curious hint given the general doldrums in the index.