Dirty tankers peaking? Baltic Tanker Indices - Week 45 technical commentary.

November 12, 2018

 

CLEAN TANKERS

 

In Week 45, the Clean Tanker Index took a solid 70-point leap and closed at 652, seemingly using our previous consolidation thoughts as a springboard. Taking a firm poke upwards, the index is now at the upper end of our 625 - 650 upside resistance ideas.

The RSI at 79.36 could be considered peakish, and the MACD strengthened a weak-looking bullishness by surging with the strong up-move.

It remains to be seen if Week 45's move will consolidate itself and use the 625 - 650 zone as support, but the strength in the index over the past three months been unmistakably building.

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DIRTY TANKERS

 

The Dirty Tanker Index gapped down and retreated further in Week 45, closing at 1092. Looking back at Week 42, we can see
a dark candlestick with the cheery name of 'The Hanging Man'. Usually considered as a precursor to the end of an up-trend, can we take it seriously?

The last couple of weeks might suggest we should.

The MACD while strongly bullish, is now lagging heavily. The RSI, still high at 77.65, gave us peakish mid-80s values through Weeks 43 and 44. 

After this recent upsurge and pullback, our downside support ideas are in the 900 - 925 range, while upside resistance may come in around the 1225 - 1250 mark should the index strength improve.

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