TK Analysis for 02.09.2008

TEEKAY SHIPPING - TK

Citigroup upgraded this stock this week from a "hold" to a "buy". Monthly chart shows selling pressure, with no buy signal/pattern in sight on this timeframe. The high made on May 2007 was made with divergence in MACD and in volume.

Weekly chart shows short term resistance off a key LIS - "old support becomes new resistance" brought out the bears. No buy signal/pattern evident on this timeframe.

Daily chart better shows that "old support becomes new resistance". No buy signal/pattern evident on this timeframe. Current price action in place indicates consolidation/trading range likely before next leg down.