Teck Resources, chart opinion

A subscriber requested an opinion on the chart of TECK/B.TO and so I thought I’d post it here, this being in large part a TA website and all.

The daily chart has the potential to bounce like so many other beat downs. RSI and MACD are fairly constructive for that. But that is where the positives end. It has thus far halted at the EMA 20, remains firmly in a downtrend and down volume has been greater than up volume.

teck resources

The weekly chart shows a deeply oversold situation at a support area formed by the pattern leading into and out of the 2016 low. If it does bounce there is no real visual resistance until 19.

teck resources

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