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Possible Bullish Inside Day Candle Pattern Detected for Teck Resources (NYSE:TCK)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Teck Resources (NYSE:TCK) based on the price action in the company's shares. Today's price range of $9.40 and $9.72 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of Teck Resources may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Teck Resources Ltd. is an integrated natural resource group with activities in mining, smelting, and refining. The Company mines zinc, copper, molybdenum, gold, and metallurgical coal in the United States, Canada, Peru, and Chile. Teck also produces refined metals, specialized metal products, and other products.

Teck Resources share prices have moved between a 52-week high of $16.20 and a 52-week low of $2.56 and are now trading 277% above that low price at $9.66 per share. Over the last five market days, the 200-day moving average (MA) has gone up 0.9% while the 50-day MA has advanced 5.0%.

Teck Resources (NYSE:TCK) defies analysts with a current price ($9.66) 18.4% above its average consensus price target of $7.89. The stock should discover initial support at its 50-day moving average (MA) of $8.47 and subsequent support at its 200-day MA of $6.07.

SmarTrend is tracking the current trend status for Teck Resources and will alert subscribers who have TCK in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish inside day candle Teck Resources

Ticker(s): TCK