Teekay Tankers (Friday’s close $17.41) had a sharp decline from US$26.90 in May, 2020, to US$12.05 in June of the same year (A-B) and then settled in a horizontal trading range mostly between US$10 and US$16 for about two years (dashed lines). The recent rise above the top of this range signalled a breakout and the start of a new uptrend toward higher targets (C).
Behaviour indicators including the rising 40-week Moving Average (40wMA) and the rising trendline (solid line) confirm the bullish status. Teekay Tankers is currently in the midst of a minor correction; there is good support near US$17 to US$18. Only a sustained decline below US$15 to US$16 would be negative.
Point & Figure measurements provide targets of US$23 and US$25. Higher targets are visible.
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Monica Rizk is the senior technical analyst of the Phases & Cycles publication (www.capitalightresearch.com). Chart source: www.decisionplus.com
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