Doji Star appears on the daily chart for Teck Resources

The doji star is a potent warning when it appears after a sustained uptrend. It is a yellow light indicating caution. And it is close to the 10.00 resistance zone. A gap down on Monday that closes deep into the two prior white candlesticks would complete the evening doji star pattern. If the stock advances on Monday towards the 12.00 resistance zone, the doji star is nullified. Monitor the price action and trade accordingly

6-Month Candlestick Chart showing the doji star

6-Month Candlestick Chart

Reference: A view of the weekly chart for Teck Resources showing the major downtrend but an intermediate and near-term uptrend with the $10.00 resistance zone.

On the plus side:  Copper continues to breakout in a near-term uptrend which bodes well for Teck Resources.

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+33.94% for the week! Intermediate and near-term uptrend

3 Year Weekly Chart

3 Year Weekly Chart

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“Technical Analysis is about probabilities.”

Note: Click on HOME for updated postings. This technical analysis is for educational purposes so you can learn to trade online using candlestick charts and other technical indicators including volume, moving averages and oscillators. Please conduct your own chart analysis or consult your financial advisor before making investment decisions. The author of this article may hold long or short positions in the featured stock or index.

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