Tanker weakness continues - Baltic Tanker Indices: Week 3 2019 technical commentary.

January 20, 2019

 

CLEAN TANKERS


For Week 3 the Clean Tanker index appeared to rest a little, following our Week 2 thoughts of the index taking a rest and the low 700s zone showing some attraction.

With a 661 fix at week's end, the clean tankers still showed some weakness as the MACD dropped, then parked on its signal line.The RSI also faded somewhat to 55.01, with both indicators showing hangover symptoms from the New Year's plunge.

Some support has consolidated in the 650-675 area, but overall index weakness and a possible bearish crossing of the MACD signal line will be something to watch for. Our next downside target is tentatively in the mid-500s range, should the current support weaken. Some small hope for consolidation may stem from the small wicks visible on the past two weeks' candlesticks.

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DIRTY TANKERS


The Dirty Tanker index continued to tumble in Week 3, fixing at 873 from a 925 weekly open. While the overall index plunge seeming to strengthen, the dirty tankers confirmed some previous fears and pushed down through our 900-925 support ideas.

The RSI dribbled down to 51.13, edging closer to neutral territory as the MACD continued its bearish run, neither indicator inspiring much confidence for recovery yet.

Whether the 900-925 zone provides some attraction remains to be seen, and we're eyeing the 550-575 area in this gloomy period. Some intermediate support is possible in the 750 region.

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