Is $30.00 the bottom for Teck Resources?
The above weekly candlestick chart chart shows the major support level of $30.00 which appears to be holding.
The candlestick chart to the right shows the bullish engulfing pattern on a snippett from the daily chart. This pattern, especially with above average volume, is an early indicator that the downtrend has ended. And there was a positive follow-through on the chart today (Oct 5).
Reference the Teck Resources website for the quarterly reports.
Reference the current charts for copper.
Reference Globe article dated Sept 23, 2011: Teck to spend $685-million on B.C. operations
Reference Globe article dated Sept 23, 2011: Crumbling coal demand signals slowing Asian economy
Reference Globe article dated Sept 21, 2011: Rio Tinto warning rocks commodity stocks
Reference Globe article dated Nov 8, 2011: Financing for junior mining feels the pinch
Reference Globe article dated Nov 8, 2011: Teck keen to put its cash to work
Note: This technical analysis is for educational purposes so you can learn to trade online using candlestick charts. Please conduct your own chart analysis or consult your financial advisor before making investment decisions. The chart snippets are from BigCharts.com which I recommend and have used for fifteen years. The author of this article may hold long or short positions in the featured stock or index.
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