Large Inflow of Money Detected in Teck Resources Ltd

Teck Resources Ltd (TCK) : Wednesdays money flow data in Teck Resources Ltd (TCK) suggests that the bulls made the most of the weakness in the stock. The inflow of money into the stock on upticks was $18.85 million, whereas, $14.75 million worth of transactions were done on downticks. The ratio between the two, uptick and downtick stood at 1.28, in favor of the bulls. The total money flow into the stock was $4.11 million clearly indicating that the smart money has been buying into the stock on weakness.

In comparison, the money flow in block deals was $4.44 million. The total value of block trades done on upticks was $5 million. The value of bearish trades on downticks was only $0.57 million.The up/down ratio in the block trades was a healthy 8.79 in favor of the bulls, suggesting strong buying in the stock by large traders. Teck Resources Ltd (TCK) fell $0.21 and traded at $13.21, down -1.56% for the day, over previous days close. On a weekly basis, the shares are -8.07% over the previous weeks close.

Teck

Also, Goldman Sachs initiates coverage on Teck Resources Ltd (NYSE:TCK).The analysts at the brokerage house have a current rating of Buy on the shares. In a recent information released to the investors, Goldman Sachs announces the price target of $12 per share. The rating by the firm was issued on May 19, 2016.

Teck Resources Ltd (NYSE:TCK): The stock opened at $13.04 on Wednesday but the bulls could not build on the opening and the stock topped out at $13.40 for the day. The stock traded down to $12.62 during the day, due to lack of any buying support eventually closed down at $13.21 with a loss of -1.56% for the day. The stock had closed at $13.42 on the previous day. The total traded volume was 9,364,994 shares.

The stock has recorded a 20-day Moving Average of 0.28% and the 50-Day Moving Average is 14.39%.

Teck Resources Ltd. is engaged in the business of exploring, acquiring, developing and producing natural resources. The Company is focused on steelmaking coal, copper, zinc and energy. The Company exports seaborne steelmaking coal and produces mined zinc. The Company also produces lead, molybdenum, silver, and various specialty and other metals, chemicals and fertilizers. It explores for copper from its interests in Antamina in Peru, Quebrada Blanca and Carmen de Andacollo in Chile and Duck Pond in Newfoundland. The Company has around 97.5% interest in Highland Valley Copper. The Company produces mined zinc, primarily from its Red Dog mine in Alaska, the Antamina mine in northern Peru, and its Pend Oreille mine in Washington State. Its energy assets in the Athabasca oil sands region of northeastern Alberta include its interests in the Fort Hills oil sands project, Frontier oil sands project in various other oil sands leases in the exploration phase, including the Lease 421 Area.

Leave a Reply

Get Pre-Market Alerts!

Get Pre-Market Analysts' Upgrades, Downgrades, Earnings & Initiations with our FREE daily email newsletter.