Back on May 26 we recommended the long side of Teekay Tankers (TNK) giving $27 and $34 as price targets. The shares have passed our first target and still look strong despite talk of a global recession.
Let's revisit the charts.
In the daily bar chart of TNK, below, we can see that the shares have surged towards $32 before pulling back to $28. The stock trades firmly above the rising 50-day moving average line and above the rising 200-day line.
The trading volume has been active since March. The On-Balance-Volume (OBV) shows a positive trend and supports the price gains. The Moving Average Convergence Divergence (MACD) oscillator is above the zero line in bullish territory but crossing to the downside for a take profit sell signal.