Stock Chart Analysis TK
Teekay Corporation (Public, NYSE:TK)
The Shipping sector has been very strong lately, but I'm finally seeing some weakness in some of the names. While this may be a normal pullback, TK is looking vulnerable if it turns into more. This play reminds me of TSO back when I felt the oil sector was pulling back. Looking at this chart, I see a struggle going on as shown by increased volatility and all the long wicks on the candles. Volume is also increasing. Whichever way it breaks here will probably present a nice move, and at this point I have to favor a downside breakout.
Good Trading,
Joey
for more analysis, check out downtowntrader.com
Subscribe to:
Post Comments (Atom)
0 comments
Post a Comment