Base metal miner Teck Resources Ltd.* (TECK.B.TO) has climbed up to the top spot in the Green Favored Zone of the SIA S&P/60 Index Report, after climbing 2 spots yesterday. The shares gained 4.8% yesterday and are up 17.0% in the last week.
*Shares of Teck Resources are held in some portfolios managed by SIA Wealth Management.
Last Friday, Teck Resources Ltd.* (TECK.B.TO) shares broke through $16.90, snapping a downtrend, ending a 3-month period of consolidation, completing a bullish Double Top pattern, confirming a previous bullish Spread double top and signaling the start of a new upleg.
The next potential upside resistance test on trend appears in the $20.00 to $21.00 area where a round number and two horizontal counts converge, followed by the $25.00 round number and $26.65 based on a vertical count. Initial support appears near $16.25 where a 3-box reversal and a retest of a recent breakout point converge.
With a perfect SMAX score of 10, TECK.B.TO is exhibiting near-term strength across the asset classes.
*Shares of Teck Resources are held in some portfolios managed by SIA Wealth Management.
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