On Tuesday, Teekay Tankers hit a noteworthy technical benchmark, seeing its Relative Strength (RS) Rating jump into the 80-plus percentile with an improvement to 85, up from 78 the day before.
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IBD's unique RS Rating measures market leadership by using a 1 (worst) to 99 (best) score that identifies how a stock's price action over the trailing 52 weeks matches up against the rest of the market.
Decades of market research shows that the best stocks typically have an RS Rating of above 80 as they launch their biggest price moves.
Teekay Tankers has moved more than 5% past a 47.99 entry in a first-stage flat base, meaning it's now out of a proper buy zone. Look for the stock to offer a new buying opportunity like a three-weeks tight or pullback to the 50-day or 10-week moving average.
Although earnings and sales growth came in at -55% and -29%, respectively, in the latest report, that showed improvement for both the top and bottom lines.
The company holds the No. 8 rank among its peers in the Oil&Gas-Transportation/Pipeline industry group. DT Midstream, Enbridge and Hess Midstream are among the top 5 highly rated stocks within the group.
This article was created automatically with Stats Perform's Wordsmith software using data and article templates supplied by Investor's Business Daily. An IBD journalist may have edited the article.
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