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Teekay Tank-Cl A Looks to Continue to Trade Below its Annual-Low Share Price Today

By David Diaz

Teekay Tank-Cl A (NYSE:TNK) traded today at a new 52-week low of $1.54. So far today approximately 442,000 shares have been exchanged, as compared to an average 30-day volume of 2 million shares.

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.

Teekay Tank-Cl A has overhead space with shares priced $1.55, or 27.4% below the average consensus analyst price target of $2.13. Teekay Tank-Cl A shares should first meet resistance at the 50-day moving average (MA) of $3.79 and find additional resistance at the 200-day MA of $5.80.

In the past 52 weeks, Teekay Tank-Cl A share prices have been bracketed by a current low of $1.54 and a high of $3.31 and are now at $1.55. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.1% while the 200-day MA has slid 1.2%.

SmarTrend recommended that its subscribers protect gains by selling shares of Teekay Tank-Cl A on December 30th, 2016 by issuing a Downtrend alert when the shares were trading at $2.26. Since that call, shares of Teekay Tank-Cl A have fallen 30.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: 52 week high/lows teekay tank-cl a

Ticker(s): TNK