Don't Ignore This Chart!

Teekay Tankers (TNK) Floats Higher In A Sea Of Red


Teekay Tankers (TNK) is a shipper of Crude Oil. With crude oil plummeting, why would shippers be busy? Well, holding spot price crude on a ship till the price improves can be a hedge fund's game. It looks to me that this might be what's going on.

Photo Credit:Teekay Tankers

Well, the chart on Teekay couldn't look any more than a tanker. Most of it is submerged below resistance, but now it has a mast rising above the surface. On Friday's global plunge, Teekay was up like a rocket with the rest of the crude shippers. In a sea of red the crude shippers were floating upstream. Notice the SCTR broke above 75 at the end of October.

If you click on the full quote panel, it will tell you what group it is in. In this case, Oil Equipment and Services.

Good trading,
Greg Schnell, CMT

Announcement from the Author

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Greg Schnell
About the author: , CMT, is a Senior Technical Analyst at specializing in intermarket and commodities analysis. Based in Calgary, he is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the Market Technicians Association (MTA) and the International Federation of Technical Analysts (IFTA).

Greg is also the co-author of Stock Charts for Dummies (Wiley, 2018). Greg joined in 2012 and has be instrumental in helping launch a variety of new blogs and other commentary platforms. Presently, Greg contributes market analysis commentary to The Canadian Technician, Commodities Countdown and Don't Ignore This Chart blogs. Learn More
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