Teck Resources Ltd Stock Forecast
Teck Resources Ltd stock downgraded to Hold/Accumulate
(Updated on Apr 22, 2024)
The Teck Resources Ltd stock price fell by -2.69% on the last day (Monday, 22nd Apr 2024) from $47.13 to $45.86. During the last trading day the stock fluctuated 2.61% from a day low at $45.19 to a day high of $46.37. The price has fallen in 6 of the last 10 days and is down by -2.34% for this period. Volume has increased on the last day by 4 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 7 million shares were bought and sold for approximately $308.66 million.
The stock lies in the middle of a wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 28.06% during the next 3 months and, with a 90% probability hold a price between $56.49 and $65.07 at the end of this 3-month period.
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TECK Signals & Forecast
The Teck Resources Ltd stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $47.24. On a fall, the stock will find some support from the long-term average at approximately $45.01. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Wednesday, April 10, 2024, and so far it has fallen -7.13%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Teck Resources Ltd stock
Teck Resources Ltd finds support from accumulated volume at $45.68 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $1.18 between high and low, or 2.61%. For the last week, the stock has had daily average volatility of 2.99%.
Our recommended stop-loss: $43.68 (-4.75%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 8 days ago.)
Trading Expectations (TECK) For The Upcoming Trading Day Of Tuesday 23rd
For the upcoming trading day on Tuesday, 23rd we expect Teck Resources Ltd to open at $45.81, and during the day (based on 14 day Average True Range), to move between $44.30 and $47.42, which gives a possible trading interval of +/-$1.56 (+/-3.39%) up or down from last closing price. If Teck Resources Ltd takes out the full calculated possible swing range there will be an estimated 6.79% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $45.68 (0.39%) than the resistance at $47.13 (2.77%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Earnings coming up
Teck Resources Ltd will release earnings BMO on Thursday, April 25, 2024.The consensus among the analysts for the expected earnings (EPS) is $0.92. We will update the financials statements for Teck Resources Ltd, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 6.65% in the first trading day after earnings release.
Is Teck Resources Ltd stock A Buy?
Teck Resources Ltd holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: 0.438 Hold/Accumulate Downgraded
Predicted Opening Price for Teck Resources Ltd of Tuesday, April 23, 2024
| Fair opening price April 23, 2024 | Current price |
|---|---|
| $45.81 ( 0.116%) | $45.86 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for TECK
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 46.99 | 2.46 % | |
| R2 | 46.54 | 1.47 % | ||
| R1 | 46.26 | 0.87 % | ||
| Current price: | 45.86 | |||
| Support | S1 | 45.36 | -1.10 % | |
| S2 | 45.08 | -1.71 % | ||
| S3 | 44.63 | -2.69 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 49.38 | 7.68 % | |
| R2 | 47.86 | 4.36 % | ||
| R1 | 47.13 | 2.77 % | ||
| Current price | 45.86 | |||
| Support | S1 | 45.68 | -0.392% | |
| S2 | 38.70 | -15.61% | ||
| S3 | 37.00 | -19.32% |
TECK Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 14, 2024 | Mar 14, 2024 | Mar 14, 2024 | $0 | 0% |
| 2 | Nov 16, 2023 | Dec 14, 2023 | Dec 29, 2023 | $0.0900 | 0.213% |
| 3 | Jul 26, 2023 | Sep 14, 2023 | Sep 29, 2023 | $0.0940 | 0.218% |
| 4 | Apr 26, 2023 | Jun 14, 2023 | Jun 30, 2023 | $0.0940 | 0.223% |
| 5 | Feb 21, 2023 | Mar 14, 2023 | Mar 31, 2023 | $0.455 | 1.25% |
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