Teekay Corporation Stock Forecast
Red day on Tuesday for Teekay Corporation stock after losing 0.89%
(Updated on Jul 02, 2024)
The Teekay Corporation stock price fell by -0.89% on the last day (Tuesday, 2nd Jul 2024) from $8.94 to $8.86. It has now fallen 4 days in a row. During the last trading day the stock fluctuated 2.17% from a day low at $8.75 to a day high of $8.94. The price has risen in 6 of the last 10 days and is up by 2.31% 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 -11 thousand shares and in total, 290 thousand shares were bought and sold for approximately $2.57 million.
Given the current short-term trend, the stock is expected to rise 30.02% during the next 3 months and, with a 90% probability hold a price between $11.52 and $14.16 at the end of this 3-month period.
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TK Signals & Forecast
There are few to no technical positive signals at the moment. The Teekay Corporation stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $9.01 and $9.23. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, May 28, 2024, and so far it has fallen -10.69%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). 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 $8.66 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.190 between high and low, or 2.17%. For the last week, the stock has had daily average volatility of 2.65%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (TK) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Teekay Corporation to open at $8.85, and during the day (based on 14 day Average True Range), to move between $8.63 and $9.09, which gives a possible trading interval of +/-$0.231 (+/-2.61%) up or down from last closing price. If Teekay Corporation takes out the full calculated possible swing range there will be an estimated 5.22% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $8.66 (2.26%) than the resistance at $9.16 (3.39%), 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?
The Teekay Corporation stock holds several negative signals and despite the positive trend, we believe Teekay Corporation will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.
Current score: -2.688 Sell Candidate Unchanged
Predicted Opening Price for Teekay Corporation of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $8.85 ( 0.113%) | $8.86 |
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 | |
|---|---|---|
| R3 | 9.04 | 2.03% |
| R2 | 8.97 | 1.21% |
| R1 | 8.92 | 0.706% |
| Price | 8.86 | |
| S1 | 8.78 | -0.93% |
| S2 | 8.73 | -1.44% |
| S3 | 8.66 | -2.26% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 9.79 | 10.50% |
| R2 | 9.51 | 7.34% |
| R1 | 9.16 | 3.39% |
| Price | 8.86 | |
| S1 | 8.66 | -2.26% |
| S2 | 8.58 | -3.16% |
| S3 | 7.26 | -18.06% |
TK Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | May 09, 2024 | May 20, 2024 | May 31, 2024 | $2.25 | 22.98% |
| 2 | Nov 04, 2021 | Nov 04, 2021 | Feb 14, 2019 | $0.288 | 7.57% |
| 3 | Jan 08, 2019 | Jan 31, 2019 | Feb 14, 2019 | $0.0550 | 1.45% |
| 4 | Oct 03, 2018 | Nov 01, 2018 | Nov 14, 2018 | $0.0550 | 0.88% |
| 5 | Jul 05, 2018 | Aug 02, 2018 | Aug 15, 2018 | $0.0550 | 0.83% |
FAQ
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