On June 24, 2022, (US$17.41) we reported a major breakout from a large trading range (dashed lines) and provided initial targets of US$23 and US$25. Shortly afterward, Teekay Tankers TNK-N (Wednesday’s close US$38.61) soared to a high of US$36.61 in December for a 110-per-cent gain in six months (A).
The stock became extended and was far above the 40wMA. It had a correction to the 40-week Moving Average (40wMA) where it found good support near US$26 (B). The recent price action suggests the stock is ready to resume the long-term uptrend (C).
Behaviour indicators including the rising 40wMA and the rising trendline (solid line) confirm the bullish status. There is good support near US$31-32; only a sustained decline below US$27 would be negative.
Point & Figure measurements provide targets of US$39 and US$44.
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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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