Teekay Corporation Stock Forecast
Red day on Friday for Teekay Corporation
(Updated on May 03, 2024)
The Teekay Corporation stock price fell by -0.130% on the last day (Friday, 3rd May 2024) from $7.72 to $7.71. During the last trading day the stock fluctuated 1.37% from a day low at $7.68 to a day high of $7.79. The price has risen in 7 of the last 10 days and is up by 6.2% over the past 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -108 thousand shares and in total, 453 thousand shares were bought and sold for approximately $3.49 million.
The stock lies the upper part of a wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $7.77 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -8.61% during the next 3 months and, with a 90% probability hold a price between $6.33 and $7.10 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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TK Signals & Forecast
The Teekay Corporation stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $7.52 and $7.36. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, April 18, 2024, and so far it has risen 9.21%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Teekay Corporation stock
Teekay Corporation finds support from accumulated volume at $7.50 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $0.105 (1.37%) between high and low. For the last week, the stock has had daily average volatility of 2.48%.
Our recommended stop-loss: $7.40 (-4.02%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 11 days ago.)
Trading Expectations (TK) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Teekay Corporation to open at $7.73, and during the day (based on 14 day Average True Range), to move between $7.52 and $7.90, which gives a possible trading interval of +/-$0.190 (+/-2.46%) up or down from last closing price. If Teekay Corporation takes out the full calculated possible swing range there will be an estimated 4.93% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $7.50 (2.72%) than the resistance at $8.12 (5.32%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Earnings coming up
Teekay Corporation will release earnings BMO on Thursday, May 09, 2024. We will update the financials statements for Teekay Corporation, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 9.22% in the first trading day after earnings release.
Is Teekay Corporation stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term.
Current score: 1.053 Buy Candidate Unchanged
Predicted Opening Price for Teekay Corporation of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $7.73 ( 0.195%) | $7.71 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for TK
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 7.83 | 1.56 % | |
| R2 | 7.79 | 1.04 % | ||
| R1 | 7.77 | 0.716 % | ||
| Current price: | 7.71 | |||
| Support | S1 | 7.68 | -0.325 % | |
| S2 | 7.66 | -0.646 % | ||
| S3 | 7.62 | -1.17 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 8.24 | 6.87 % | |
| R2 | 8.23 | 6.74 % | ||
| R1 | 8.12 | 5.32 % | ||
| Current price | 7.71 | |||
| Support | S1 | 7.50 | -2.72% | |
| S2 | 7.26 | -5.84% | ||
| S3 | 7.22 | -6.36% |
TK Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Nov 04, 2021 | Nov 04, 2021 | Feb 14, 2019 | $0.288 | 7.57% |
| 2 | Jan 08, 2019 | Jan 31, 2019 | Feb 14, 2019 | $0.0550 | 1.45% |
| 3 | Oct 03, 2018 | Nov 01, 2018 | Nov 14, 2018 | $0.0550 | 0.88% |
| 4 | Jul 05, 2018 | Aug 02, 2018 | Aug 15, 2018 | $0.0550 | 0.83% |
| 5 | Apr 04, 2018 | May 03, 2018 | May 16, 2018 | $0.0550 | 0.611% |
FAQ
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