Watch for Teck Resources to Potentially Pullback After Gaining 4.78% Yesterday
Teck Resources (NYSE:TCK) traded in a range yesterday that spanned from a low of $19.87 to a high of $20.49. Yesterday, the shares gained 4.8%, which took the trading range above the 3-day high of $19.75 on volume of 5.7 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
Over the past year, Teck Resources has traded in a range of $2.56 to $20.49 and is now at $20.39, 696% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 5.0% while the 200-day MA has risen 0.9%.
SmarTrend recommended that subscribers consider buying shares of Teck Resources on June 7th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $11.60. Since that recommendation, shares of Teck Resources have risen 67.7%. We continue to monitor TCK for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
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