A follower of the site asked if there are any Long-Term Trades that stand out to me at this time. As my focus has been on the shorter-term price movements of the market lately, I will take some time this week to update both the existing Long-Term Trade ideas (which are geared towards longer-term swing traders, trend traders and investors) as well as scanning for some new Long-term Trade ideas. In looking at the trade setups in that category, I noticed that TNK (Teekay Tankers Ltd) had not been updated in quite a while.
TNK was added as a Long-term Trade Setup back on May 21st of last year as a possible entry at that time but with my preferred entry criteria as to: “…wait for a close or very solid intra-week move above the weekly downtrend line, preferable on above average volume.” It took four months from there but TNK finally did print a solid weekly candlestick close on about 2x average volume in late Sept. From there, the stock went on to hit & exceed the first weekly target (T1), climbing about 80% before coming back in to backtest the T1 level on two separate occasions. The originally weekly chart from that post is shown below, followed by the updated weekly chart.