Teck Resources Ltd - (TECK.B.TO) - October 2, 2023
Teck Resources (TECK.B.TO) has been bouncing along the boundary between the Green Favored Zone and the yellow zone of the SIA S&P/TSX 60 Index Report through the summer. It has started to climb more consistently recently, moving up 3 spots on Friday and 6 positions over the last month to 13th place.
For the last three years, Teck Resources (TECK.B.TO) has been under accumulation, generally advancing in an upward trend of higher lows. In recent months, the shares have been in a common consolidation phase with a neutral Symmetrical Triangle forming.
Last week, TECK.B.TO successfully retested uptrend support setting another higher low, bounced back up above its 50 and 200-day moving averages, and regained the $55.00 level. A breakout over the recent high near $59.50 remains necessary to complete the triangle and signal the start of a new upleg which could potentially retest the April peak near $63.90. Initial support appears at the recent low near $54.40 followed by the $50.00 round number.
Since the spring, Teck Resources (TECK.B.TO) has been trending sideways between $45.00 and $65.00. Over this time, a Symmetrical Triangle of higher lows and lower highs has been forming, indicating this as likely a common consolidation phase within an long-term uptrend.
Currently, TECK.B.TO is on a bullish Double Top signal. A close above $60.65 would complete the triangle to the upside and signal the start of a new advance which could potentially retest the April high near $65.65, or $71.10 which is based on a vertical count. Initial support appears near $53.85 based on a 3-box reversal.
With a bullish SMAX score of 6, TECK.B.TO is exhibiting strength against the asset classes.
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