This metal stock looks like it’s about to rock and roll. Check out Teck Resources (TCK)
Discussed in this article: Teck Resources Ltd. ( $TCK )
I want to look at Teck Resources ( NYSE:TCK ). The reason is, I know we’ve had a lot of high-flyers, Tesla ( NASDAQ:TSLA ), this that and the other thing trading very nicely. But you’ve got to also look at what’s happening next, what’s likely to happen next, what might happen next.
Teck Resources ( NYSE:TCK ) is pretty much filling that bill. You can see that this stock has fallen several times, it’s failed to get to 30.00; it really failed even at 29.00. But since this low in July we’ve had a series of higher lows.
So I’m looking at this and this stock looks like it is about ready to blast off. The 200-day moving average is really just kind of a line of demarcation, so to speak. The stock got way extended below the 200-day moving average, now it has, as the statisticians like to say, reverted to the mean. Now its trading at the mean and you want to wait for more upside before buying, or a healthy pull back to where you can get it at a good price.
But what we really want to look at is the 5-minute chart. You could see the big move today, but then that was kind of rejected. The rest of the day the stock has traded sideways.
So I would suggest, if you’re looking at Teck Resources ( NYSE:TCK ) and thinking I want to take a position really before it breaks out, then start looking at this as the big channel for you to be in. Right around here the stocks at the top of the channel, any push above there’s where you can start taking a position in this stock.