Teck Resources Ltd Cl B - (TECK.B.TO) - April 10, 2024 (Daily Stock Report)

by SIACharts.com

Copper, Zinc, and Coal producer Teck Resources (TECK.B.TO) has been climbing up the relative strength rankings in the SIA S&P/TSX 60 Index Report, benefitting from a rally in energy and base metal prices.

The shares spent the late autumn and winter down in the red zone, but in recent weeks it has been on the rise, leaving the red zone in late March and returning to the Green Favored Zone this month for the first time since October.

TECK.B.TO has climbed 33 places in the last month, including a rise of 3 spots yesterday to 11th position. In the last month, the shares have rallied 19.8% compared to a gain of 2.9% for the S&P/TSX Composite Index over the same period. Teck Resources (TECK.B.TO) spent a year in consolidation mode, trading sideways between $44.00 and $65.00. Over that time, a Symmetrical Triangle of higher lows and lower highs emerged a sign of consolidation following a big advance that played out in two stages between late 2021 and early 2023.

In the last six weeks, Teck has come under renewed accumulation, breaking out of the triangle, snapping out of a downtrend, and then clearing resistance near $58.00 (which was successfully retested as higher support). Yesterday, TECK.B.TO blasted through $65.00 to a new all-time high, confirming the start of a new advance.

Measured moves from triangles and ranges suggest potential upside resistance may emerge near $72.00, $73.50 and $80.00 on trend. Initial support appears near the $60.00 round number.

A year-long pause within a long-term uptrend in Teck Resources (TECK.B.TO) has ended with the shares coming under renewed accumulation. TECK.B.TO started 2024 drifting downward, but in the last month, it has shaken that off and launched into a new High Pole advance. Along the way, the shares have snapped a downtrend line, completed bullish Spread Quadruple Top, Spread Double Top and Double Top breakouts, and have broken out to a new all-time high.

Horizontal counts suggest potential upside resistance could emerge near $72.20, $82.10, or $91.55 on trend. Initial support appears near $60.40 based on a 3-box reversal.

With a bullish SMAX score (which is a near-term 1 to 90-day indicator comparing an asset against different equal-weight asset classes) of 9 out of 10, TECK.B.TO is exhibiting short-term strength against 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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