More Tanker Index strength. Baltic Tanker Indices - Week 50 commentary.

December 17, 2018

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 As we head to the Christmas break, we at Superior Maritime would like to extend our very best wishes for this festive season to you and yours, no matter which holiday you celebrate. We'll see you in 2019.

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CLEAN TANKERS


Taking another pop upwards for Week 50, the Clean Tanker Index showed a little less strength than previous surges. Retreating a little from a high of 919, the index left us a small upper wick on the candlestick chart.

There may be a possibility of some consolidation for the recent surge, with the peakish RSI at 88.87. Also, the MACD in high positive values may be hinting at an upcoming rest.

With our upside resistance thoughts in the 1000 range, well above our previous support ideas in the 700-725 area, we are
now watching for possible support building in the mid-to=low 800s.

 

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DIRTY TANKERS


For Week 50, the Dirty Tanker Index continued to rise. Gapping up and ending the week at 1223, the index pushed squarely into our 1200-1250 upside resistance ideas from Week 45.

The RSI also crept upwards to 87.76, continuing its peakish behaviour as the lagging MACD gained some bullish strength with the move.

All this strength in the index suggests a run at the 1200-1225 resistance may be in the works, however the index is approaching levels not seen since early 2014. Let's see if the index is working up to a consolidation point, or if the peakish signs gather in strength.

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