[isatrader]

First TNK, has had about an eight month basing period despite the thirty week MA only recently flattening out. If it had not been for the basing period I would have categorized it as been in a stage 1A but if it is on the verge of breaking out then it surely must be in a stage 1B? What do you say Isa?

I've attached my charts, and included the weekly Stage Analysis Technical Attributes chart also, which shows that it moved up one point this week to a 6 out of 9, which is consistent with scores for Stage 1A to Stage 1B from the examples threads. But Stage 1B stocks tended to be more towards the 8 end of the scale, and so that suggests from the technical attributes that it's turning higher earlier than average, and hence why you said that you would have initially categorized it in Stage 1A above.

Looking at the price action it's been in a multi year Stage 4 decline, and last years prolonged basing period and eventual collapse now gives it some quite strong near term resistance to deal with. Relative performance is improving, but the volume has been very weak lately. Also I noticed the angle of the 200 day MA is quite steep still. So my personal opinion would be that although it's near the Stage 2A breakout point and hence a Stage 1B currently. That it's still quite early in it's recovery and that the January high and 2011 lows around the 3.5 zone might give some resistance.

If you do trade it, the stop loss distance is quite good for an investor position at around 4.5x ATR(200).