Possible Bearish Inside Day Candle Pattern Detected for Teekay Tankers (NYSE:TNK)
SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Teekay Tankers (NYSE:TNK) based on the price action in the company's shares. Today's price range of $2.71 and $2.79 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 Tankers may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.
Over the past year, Teekay Tankers has traded in a range of $2.51 to $8.53 and is now at $2.72, 8% above that low. Over the past week, the 200-day moving average (MA) has gone down 1.2% while the 50-day MA has declined 1.1%.
There is potential upside of 274.6% for shares of Teekay Tankers based on a current price of $2.72 and an average consensus analyst price target of $10.19. The stock should find initial resistance at its 50-day moving average (MA) of $3.79 and further resistance at its 200-day MA of $5.80.
Teekay Tankers Ltd. owns and operates a fleet of crude oil tankers, primarily in the aframax sector.
SmarTrend recommended that its subscribers protect gains by selling shares of Teekay Tankers on November 5th, 2015 by issuing a Downtrend alert when the shares were trading at $6.76. Since that call, shares of Teekay Tankers have fallen 58.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.
Keywords: bearish inside day candle teekay tankers