Gaps tend to fill and there's one at $7.38 now after Thursday's open. It didn't fill Friday and I'm glad because if it had I'd be betting TNK was heading lower after seeing where it closed. If this stock heads lower below $6.50 on volume without filling that gap, it means that there some pretty significant negative fundamental responsible for it. Something that would be self-explanatory come 2Q Earnings.
This week, maybe as early as tomorrow, is going to be interesting either way. Interesting exciting, or interesting like a kick in the balls. Because this chart has to reconcile one way or another, soon.
Only 2 possibilities: either those #'s are correct and this stock is being played now before it BREAKS OUT thru $7.75 on it's way to double-digits; or, Q2 is not going to show that same growth and TNK is in fact on it's way back down lower past $6.50.
$6.86 is the 50-day average and I was very glad to see TNK close above it on Friday. But this stock is literally at an inflection point right now. $6.93 is either a floor or a ceiling for the next 3 to 6 months.
Hate seeing Dilution announcements and SELL Ratings come out just when a stock is threatening Technical BREAKOUT. Co-incidence my aszs.
Many would think your scenario is far-fetched but that's exactly how these basters work. No way to prove it but if this does BREAKOUT through $7.73 now on volume this UBS downgrade was literally criminal imo.
I smell a rat. How often do these rat-basterds downgrade to SELL? Rarely.
TNK spent 6 months setting up a base to threaten and ultimately breakout through resistance at $6.95. After doing so it saw multi-million shares of buying. All of it erased on one downgrade by these clowns and a single million shares in a 1/2 hour of trading. $6.86 is the 50-day moving average. Looks more like to me a player at UBS saw a stock he could walk.
TNK looks ready to pop to me, like it's 9 1/2 months pregnant. That's why I'm long. I was surprised it didn't break higher yesterday with all that market momentum. I guess it could retest $7.37 again too. But the BUY volume of May and so far this month in June has dwarfed the selling. And the question then would be 'what now?' $8.40 at least looks imminent imo. First $7.91 has to give on volume. Then we'll see where it goes. At that point imo $9+ wouldn't be out of the question.
charley good for you. I once turned approx $60,000 into $1,000,000 by buying and holding the right stock over 3 years. Unfortunately for me, the 4th year was 2008.
As for this stock, something has to give. Either the analysts EPS estimates have to come down. Or the stock has to move up. It's June 19th. 6 months until EOY. And stock are typically LEADING indicators. So it doesn't have to happen Monday, or even in July. But whether it's EPS estimates or TNK, something has to move soon,
…..is $1.17 by the 7 analysts covering this year's earnings estimates. With current EPS at .74, that's 50% earnings growth over the next 2 Q's to get close to $1.17. That should warrant at least a15 multiple no? .74 x 15 equals $11.10. Even x just 12 is $8.88. If you want to use the YE consensus estimate of $1.17, or even just $1.00, x just the current 10 multiple gets you $10.00.
It's hard to argue TNK is worth less than $7.50 right now and by the 3rd Q if analysts estimates are even close, less than $8.50/$9, if not a little more. imo.
The good news is that I think the only ones selling this stock right now is management.
The bad news is that I think the only ones selling this stock right now is management.
As long as they don't collapse it under $7 which is the former Resistance, now Support, it's all good.
I agree but I hate seeing any Management announce this kind of thing 3 days after a BREAKOUT. C'mon. You can't let the damn thing run it's course? You're THAT anxious to register to sell shares that you announce it 3 days after it breaks out to a new 52-week high on volume? You HAVE to mitigate the pop and run to a new trading level for long-term holders? IMO TNK was on it's way to $8.50 on momentum. WAS.
Squeezed between the 50-day($5.53) and $5.77. $5.62 just held today as Support and it closed HOD.
Actually now that I'm looking at it, I wish I had doubled down at the Close. I think I just got caught watching the paint dry.
BREAKOUT WATCH for possible breakout above 5.85, no resistance in area just above.
Type: True breakout from triple resistance.
Target: 6.21, 8.6% Stop: 5.59, Loss: 2.3%, Profit/Loss ratio: 3.7 : 1 - Excellent
Breakouts are an exception to the normal indicators which can at the same time indicate bearishness.
Breakout stock patterns