• Return to Headlines

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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Teekay Tank-Cl A (NYSE:TNK) based on the price action in the company's shares. Yesterday's price range of $1.26 and $1.31 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 Tank-Cl A 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 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.

There is potential upside of 42.7% for shares of Teekay Tank-Cl A based on a current price of $1.27 and an average consensus analyst price target of $1.81. Teekay Tank-Cl A shares have support at the 50-day moving average (MA) of $1.22 and additional support at the 200-day MA of $1.09.

Teekay Tank-Cl A share prices have moved between a 52-week high of $1.41 and a 52-week low of $0.87 and closed yesterday at 46% above that low price at $1.27 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 0.5%.

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: bullish am inside day candle teekay tank-cl a

Ticker(s): TNK