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Possible Bearish Inside Day Candle Pattern Detected for Teekay Tank-Cl A (NYSE:TNK)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Teekay Tank-Cl A (NYSE:TNK) based on the price action in the company's shares. Today's price range of $1.19 and $1.19 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Teekay Tank-Cl A may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 52.3% exists for Teekay Tank-Cl A, based on a current level of $1.19 and analysts' average consensus price target of $1.81. The stock should discover initial support at its 50-day moving average (MA) of $1.16 and subsequent support at its 200-day MA of $1.07.

Teekay Tankers Ltd. provides transportation services. The Company owns and operates a fleet of crude oil tankers. The Company operates oil tanker ships with 120,000 metric tons and 240,000 tons.

Over the past year, Teekay Tank-Cl A has traded in a range of $0.87 to $1.41 and is now at $1.19, 37% above that low. The 200-day and 50-day moving averages have moved 0.19% higher and 1.36% higher over the past week, respectively.

SmarTrend is tracking the current trend status for Teekay Tank-Cl A and will alert subscribers who have TNK in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle teekay tank-cl a

Ticker(s): TNK