Teck Resources (TECK.B) remains in the Green Favored Zone of the SIA S&P/TSX 60 Index Report, where it has been holding since moving up from the Red Zone back in May, and is currently holding down 9th place.
In rallying up off of a successful retest of support at its 50-day average near $13.00, Teck Resources (TECK.B) appears close to completing a bullish cup-with-handle base consisting of a large saucer bottom followed by a smaller, higher rounded bottom. A breakout over $16.00 would complete the base and confirm the start of a new uptrend with next potential resistance near $19.00 based on a measured move and previous support/resistance, followed by the $20.00 round number.
A few weeks ago, TECK.B successfully retested $13.35 support. This month, the shares have resumed their recovery trend, completing a bullish Double Top pattern on their way back up above $15.00. Initial upside resistance appears at a previous high near $16.60 where a breakout would complete a bullish Spread Double Top pattern, followed by a downtrend line near $18.00, then the $19.50 to $20.00 area where a horizontal count, previous support and a round number all converge. Initial support moves up toward $13.90 based on a 3-box reversal.
With a bullish SMAX score of 7, TECK.B is exhibiting near-term strength against the asset classes.
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