Teck Resources (TECK) is one of our top technical trading ideas coming into this week.
TECK is in a technical uptrend with a series of higher highs and higher lows above four key rising moving averages, indicating an uptrend on multiple time frames.
The Materials sector is positioned very well here, and has been in the Top 3 of our Industry group rankings since August.
The market has been pricing in a cyclical recovery for the past 8 months now, and TECK Resources stock price is well positioned.
TECK recently corrected 7.6% off of 18-month highs, into the rising 20-day simple moving average. $17.50 – $18.50 is key support on any pullbacks and a close over $20.50 could signal a new breakout. TECK is on our Members Top 25 Weekly Buy list this week.
Larry is the publisher of the Blue Chip Daily Trend Report.
The author does not have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.