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Teekay Tankers (TNK) Crossed Above the 20-Day Moving Average: What That Means for Investors
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From a technical perspective, Teekay Tankers (TNK - Free Report) is looking like an interesting pick, as it just reached a key level of support. TNK recently overtook the 20-day moving average, and this suggests a short-term bullish trend.
A well-liked tool among traders, the 20-day simple moving average offers a look back at a stock's price over a 20-day period. This is very beneficial to short-term traders, as it smooths out short-term price trends and gives more trend reversal signals than longer-term moving averages.
Like other SMAs, if a stock's price is moving above the 20-day, the trend is considered positive. When the price falls below the moving average, it can signal a downward trend.
Over the past four weeks, TNK has gained 5.9%. The company is currently ranked a Zacks Rank #3 (Hold), another strong indication the stock could move even higher.
Once investors consider TNK's positive earnings estimate revisions, the bullish case only solidifies. No earnings estimate has been lowered in the past two months, compared to 1 raised estimates, for the current fiscal year, and the consensus estimate has increased as well.
With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on TNK for more gains in the near future.
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Teekay Tankers (TNK) Crossed Above the 20-Day Moving Average: What That Means for Investors
From a technical perspective, Teekay Tankers (TNK - Free Report) is looking like an interesting pick, as it just reached a key level of support. TNK recently overtook the 20-day moving average, and this suggests a short-term bullish trend.
A well-liked tool among traders, the 20-day simple moving average offers a look back at a stock's price over a 20-day period. This is very beneficial to short-term traders, as it smooths out short-term price trends and gives more trend reversal signals than longer-term moving averages.
Like other SMAs, if a stock's price is moving above the 20-day, the trend is considered positive. When the price falls below the moving average, it can signal a downward trend.
Over the past four weeks, TNK has gained 5.9%. The company is currently ranked a Zacks Rank #3 (Hold), another strong indication the stock could move even higher.
Once investors consider TNK's positive earnings estimate revisions, the bullish case only solidifies. No earnings estimate has been lowered in the past two months, compared to 1 raised estimates, for the current fiscal year, and the consensus estimate has increased as well.
With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on TNK for more gains in the near future.