In the case of Teekay Tankers Ltd, the RSI reading has hit 29.8 — by comparison, the universe of energy stocks covered by Energy Stock Channel currently has an average RSI of 50.2, the RSI of WTI Crude Oil is at 39.0, the RSI of Henry Hub Natural Gas is presently 55.7, and the 3-2-1 Crack Spread RSI is 40.8. A bullish investor could look at TNK's 29.8 reading as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side.
Looking at a chart of one year performance (below), TNK's low point in its 52 week range is $33.3502 per share, with $63.7099 as the 52 week high point — that compares with a last trade of $52.72. Teekay Tankers Ltd shares are currently trading off about 2.1% on the day.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
