Weakness and uncertainty - Baltic Tanker Indices: Week 24 technical commentary

June 18, 2018

 

CLEAN TANKERS


For Week 24 the Clean Tanker Index gapped down on the open and continued its retreat, finishing down at 513. Pushing towards the bottom of our 500 - 525 support thoughts, the index showed little inclination to pull up from its downtrend as yet.

The MACD turned slightly away from the signal line and stayed weakly bearish as it continued into negative values, while a neutral RSI was little changed at 38.41, both indicators

showing very little in the way of upward pushback as yet.

It remains to be seen whether the 500 - 525 zone builds support, although the index's previous excursion to this level showed recovery from the 498 - 500 mark in Week 15.

---------------------------------------------

 

DIRTY TANKERS


In Week 24 the Dirty Tanker Index appeared to bounce up off our Week 20 support ideas, but then finished at 746, exactly 
where the week opened.

At first glance, an out-of-position Shooting Star-type candlestick in this downtrend gives the impression of failed upward momentum, however with the RSI still in peakish territory (but not overly high) at 66.55, and a lagging MACD that's still bullish we might be looking at some consolidation of support in that 675 - 750 region.

Looking up from the charts for a moment and acknowledging those nasty fundamentals, Week 24's action may be signifying a little uncertainty ahead of this week's OPEC meeting.

---------------------------------------------

 

Please reload

Recent Posts

Please reload

Archive

Please reload

Tags

Disclaimer: Content on this site is provided  for information purposes only. We are not a registered investment advisor, broker, dealer, financial analyst, financial bank, securities broker or financial planner. The contents of this site are not intended to be, and do not constitute, financial advice. For any investment decision, you should seek the advice of a qualified and registered securities professional. This website is provided without any representations, warranties or conditions of any kind. The opinions expressed by www.supermar.info article authors and those providing comments are theirs alone, and do not reflect the opinions of Superior Maritime. Superior Maritime is not responsible for the accuracy of any of the information supplied by these authors.

  • twitter

©2016-2019 SUPERIOR MARITIME