Teekay Tankers Ltd ( TNK) was one of my "top picks". I recommended it on May 26, 2022, writing "Traders could go long TNK on a two-day pullback or shallow dip and risk to $16.50 for now. Our price targets are $27 and then $34. Get more aggressive on strength above $26."
It is now time to take profits.
The two charts below show me enough weakness to warrant selling and standing aside - breaking the 50-day moving average line after a long rise and weaker indicators. And upper shadows on the weekly candle chart.
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A lot of downtrodden smaller stocks have rallied, but one day does not a trend make.
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