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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. Yesterday's price range of $9.40 and $9.85 is within the prior day'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 (NYSE:TCK) is currently priced 18.9% above its average consensus analyst price target of $7.89. The stock should find initial support at its 50-day moving average (MA) of $8.47 and further support at its 200-day MA of $6.07.

Over the past year, Teck Resources has traded in a range of $2.56 to $16.20 and closed yesterday at $9.72, 280% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 5.0% while the 200-day MA has risen 0.9%.

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.

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 am inside day candle Teck Resources

Ticker(s): TCK