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Teekay Tankers (TNK) Recently Broke Out Above the 50-Day Moving Average
Teekay Tankers (TNK - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, TNK broke through the 50-day moving average, which suggests a short-term bullish trend.
One of the three major moving averages, the 50-day simple moving average is commonly used by traders and analysts to determine support or resistance levels for different types of securities. However, the 50-day is considered to be more important since it's the first marker of an up or down trend.
TNK could be on the verge of another rally after moving 7.3% higher over the last four weeks. Plus, the company is currently a Zacks Rank #1 (Strong Buy) stock.
Once investors consider TNK's positive earnings estimate revisions, the bullish case only solidifies. No estimate has gone lower in the past two months for the current fiscal year, compared to 1 higher, and the consensus estimate has increased as well.
Investors may want to watch TNK for more gains in the near future given the company's key technical level and positive earnings estimate revisions.