TECK Resources Performing Well
Anna Coulling | Dec 14, 2020 04:33PM ET
This is a quick followup on Teck Resources (NYSE:TECK) since my last analysis when the stock was trading at $16 per share. As we can see from the weekly chart, the stock continued higher last week, with the price closing at $18.83 on a solid widespread up-candle. But more importantly, the associated volume was excellent, so volume and price are in agreement. However, as I also outlined in previous posts, the $19-per-share resistance is now coming into play as denoted by the blue dashed line of the accumulation and distribution indicator. As I mentioned previously, this resistance level is generated by the indicator itself. In other words, the thicker the line, then the greater the strength in that area. So we have a strong level that capped the advance last week and is now key.
But the good news is that if this is breached, as expected, then this stock is set for further gains and on towards $24 per share and the highs of 2019, particularly given the low volume node on the VPOC now immediately ahead.
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