Teck Resources Limited (TECK.B.TO) - December 19, 2022. (Daily Stock Report)

by SIACharts.com

Base metal miner Teck Resources (TECK.B.TO) climbed 3 positions in the SIA S&P/TSX 60 Index Report to top spot on Friday and it is up 10 positions in the last month. Teck Resources has spent most of 2022 in the Green Favored Zone, except for a summer drop down into the red zone. Since returning to the Green Favored Zone, TECK.B.TO is up 16.5%. Teck Resources (TECK.B.TO) shares increasingly look like they have come under renewed accumulation and are well supported. Earlier this month, TECK.B.TO broke out over $48.75, completing a bullish Ascending Triangle pattern and signaling the start of a new uptrend. While $48.75 has reversed polarity and become new support, the shares have continued to climb, regaining $50.00 and launching up off of that round number Friday on a spike in volume.

Initial upside resistance appears near the $55.00 round number, the June peak near $57.50 and then $58.75 based on a measured move from the triangle.

Since a summer selloff bottomed out in July, Teck Resources (TECK.B.TO) shares have been recovering lost ground. The second half of the year has seen the shares establish a new uptrend of higher lows and complete a series of bullish Double Top breakouts, the most recent of which has extended into a bullish High Pole that has carried the shares to their highest level since June.

Potential upside resistance near the $55.00 round number, then the $57.05 to $59.35 zone between the June peak and a horizontal count. Initial support appears near $46.75 based on a 3-box reversal.

With its SMAX score increasing to a perfect 10, TECK.B.TO is exhibiting strength across the asset classes.

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.

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