Teekay Tankers TNK-N (Wednesday’s close US$48.13) built a large base from 2020 to 2022 (dashed lines) and had a breakout in May, 2022. The stock rallied to a high of US$48.05 in March, 2023 (A) for a 176% gain since our first report on June 24, 2022 (US$17.41). It was overbought at that time and far above the 40-week Moving Average (40wMA). Teekay had a correction in the form of a triangle pattern (dotted lines) and has since resumed the long-term uptrend reaching a recent high of US$54.11 (B).
The stock is currently in the midst of a minor correction toward US$46-47 for a better entry. Only a sustained decline below the 40-week Moving Average (40wMA) near ±US$43, would be negative.
Behavior indicators including the rising 40wMA and the rising trendline (solid line) confirm the bullish status.
Point & Figure measurements provide targets of US$59 and US$64. 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