Dirty Tankers coiling up? Baltic Tanker Indices - Week 47 technical commentary.

November 26, 2018

 

CLEAN TANKERS


In Week 47 we saw the Clean Tanker Index take a positive step in its recent consolidation, closing up on the week at 660.

With the RSI still at a peakish 78.6 and a weakly bullish MACD,
the index is just below our upside resistance ideas around 675-700.

Seemingly held up by our previous 625-650 support area, a continued state of limbo in the index may build some strength to make a push through that 675-700 zone.

Currently at 2018 highs however, (and just below 2017 highs) let's see how peaky the index might be.

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DIRTY TANKERS


For Week 47 the Dirty Tanker index gave us a solid close up on the week at 1130. With the candlestick chart beginning to resemble a coiled spring, the index gives the impression of gearing up for a move.

The RSI showed a still-peaky 83.84, while the lagging MACD stayed on a fairly bullish trajectory.

For an upside/resistance target, we're still watching 1220-1225. The 900-925 zone was our previous downside support, which may still be viable. Glancing at the big picture, let's note that the index is just off a four-year high. Peakish? Maybe.

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