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

By Amy Schwartz

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. Yesterday's price range of $7.81 and $8.00 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 may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

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.

Teekay (NYSE:TK) has potential upside of 493.4% based on a current price of $7.92 and analysts' 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.

In the past 52 weeks, shares of Teekay have traded between a low of $4.37 and a high of $50.89 and closed yesterday at $7.92, which is 81% 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 am inside day candle Teekay

Ticker(s): TK