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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Teekay (NYSE:TK) based on the price action in the company's shares. Today's price range of $7.81 and $8.00 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. Traders and investors interested in shares of Teekay may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Potential upside of 496.7% exists for Teekay, based on a current level of $7.88 and analysts' average consensus price target of $47.00. Teekay shares should first meet resistance at the 50-day moving average (MA) of $9.29 and find additional resistance at the 200-day MA of $20.41.

Teekay Corporation provides international crude oil and petroleum product transportation services to major oil companies, major oil traders, and government agencies. The Company provides its services through a fleet of medium size oil tankers worldwide.

In the past 52 weeks, Teekay share prices have been bracketed by a low of $4.37 and a high of $50.89 and are now at $7.88, 80% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 2.9% while the 50-day MA has advanced 2.3%.

SmarTrend recommended that subscribers consider buying shares of Teekay on September 6th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $7.55. Since that recommendation, shares of Teekay have risen 3.2%. We continue to monitor TK for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle Teekay

Ticker(s): TK