Teekay Corporation Stock Forecast

Teekay Corporation stock upgraded from Sell Candidate to Hold/Accumulate after Friday trading session.
(Updated on Apr 19, 2024)

TK Signals & Forecast

A buy signal was issued from a pivot bottom point on Thursday, April 18, 2024, and so far it has risen 2.83%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Teekay Corporation stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $7.31. On a fall, the stock will find some support from the short-term average at $7.24. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

Support, Risk & Stop-loss for Teekay Corporation stock

Teekay Corporation finds support from accumulated volume at $7.22 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 $0.245 (3.49%) between high and low. For the last week, the stock has had daily average volatility of 2.38%.

Our recommended stop-loss: $6.89 (-5.06%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 1 day ago.)

Trading Expectations (TK) For The Upcoming Trading Day Of Monday 22nd

For the upcoming trading day on Monday, 22nd we expect Teekay Corporation to open at $7.18, and during the day (based on 14 day Average True Range), to move between $7.06 and $7.46, which gives a possible trading interval of +/-$0.197 (+/-2.72%) up or down from last closing price. If Teekay Corporation takes out the full calculated possible swing range there will be an estimated 5.43% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $7.22 (0.55%) than the resistance at $7.32 (0.83%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Teekay Corporation stock A Buy?

Teekay Corporation holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.

Current score: -0.618 Hold/Accumulate Upgraded

Predicted Opening Price for Teekay Corporation of Monday, April 22, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.