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Possible Bullish Inside Day Candle Pattern Detected for Teekay Corp (NYSE:TK)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Teekay Corp (NYSE:TK) based on the price action in the company's shares. Yesterday's price range of $3.06 and $3.16 is within the prior day'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. Traders and investors interested in shares of Teekay Corp may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

There is potential upside of 61.3% for shares of Teekay Corp based on a current price of $3.10 and an average consensus analyst price target of $5.00. Teekay Corp shares should first meet resistance at the 50-day moving average (MA) of $3.87 and find additional resistance at the 200-day MA of $4.62.

Teekay Corporation provides crude oil and gas marine transportation; offshore oil production; and storage and offloading services in Bermuda and internationally. It operates shuttle tankers, floating storage and offloading (FSO) units, HiLoad dynamic positioning units, and long-distance towing and offshore installation vessels, as well as offers offshore accommodation, storage, and support for maintenance and modification projects.

In the past 52 weeks, Teekay Corp share prices have been bracketed by a low of $2.82 and a high of $8.25 and closed yesterday at $3.10, 10% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 1.6% while the 50-day MA has declined 2.6%.

SmarTrend recommended that its subscribers protect gains by selling shares of Teekay Corp on May 24th, 2019 by issuing a Downtrend alert when the shares were trading at $3.77. Since that call, shares of Teekay Corp have fallen 19.5%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle teekay corp

Ticker(s): TK