March 26 Chart of the Day - Teck Resources Limited
Highly precise price action technical analysis offers the strongest trading edges and the most opportunities across the markets, making it the foundation of our reviews.
Teck Resources Limited (TECK) is involved in the research, exploration, development, processing, smelting, refining, and reclamation of mineral properties across Asia, the Americas, and Europe. The company operates through two main segments: Copper and Zinc. Its product offerings include copper, zinc, and lead concentrates, along with refined zinc, lead, and silver.
Teck has recently been in the headlines as Copper futures are trading at or near all time highs (ATH).
As requested, this analysis will take a price action technical analysis approach to assess key levels and potential next moves for the stock.
Consistent profitable investing and/or trading requires a structured, rules-based approach to price action analysis. Proven processes, disciplined risk-reward management, and precise execution create the foundation for long-term success.
When combined with powerful mental performance strategies, this method becomes the ultimate blueprint for thriving in any market, on any time frame.
Since May 2023, we've showcased over 450+ Charts of the Day and provide FREE Price Action Trading education to traders who join our highly rated Trade Room.
Monthly Chart
On the monthly chart we can see that after setting its all-time high of $84.07 way back in 2007 price fell in dramatic fashion over the next several years all the way down to $2.56 in 2016.
Since then price has made a steady climb back to the upside moving in a technically correct manner.
Volatility is a common price action behavior, though it tends to be unpopular among investors.
Weekly Chart
The weekly chart provides a clearer view of the sharp declines followed by strong recoveries.
Along the way price has carved out a change control zone roughly between $24.50 and $27 (long gray rectangle).
Change control zones are one of the five price action tools we teach when charting anything. By definition, they are an area that represents where neither the bulls nor bears are in charge. Price can slash through the zone with seemingly reckless abandon, price can respect the top or bottom from outside it or within it. Or, price can trade aimlessly sideways within it. When price breaks away from the zone it can often get drawn back to it like a magnet. And in this case we see all of the above are true.
Price has moved through this zone more than 30 times since 2008, with the most recent instance in 2022—so it wouldn’t be surprising to see it return to this level again in the future.
Regardless, it's clear to see that for nearly the past decade price has been making a series of higher highs and higher lows /aka/ an uptrend.
It goes without saying though, the only guarantee in the markets is that price cycles. It cycles up and it cycles down across all time frames and all charts and rarely, if ever, moves in a straight line.
Only time will tell for sure what price will do next...
We've layered in traditional Fibonacci levels as well as support/resistance and trend to help identify potential price levels of interest and/or future price targets.
Armed with precision oriented charts like these both traders and investors can formulate their respective plans.
So what's next?
We don't make predictions...
Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.
- Support/Resistance
- Trend
- Fibonacci
- Supply/Demand Zones
- Change Control Zones
ChartPros provides the exact methodology in its price action technical analysis courses to create charts like this with the most precise and accurate levels from which investors and traders can formulate their respective trade plans.
Take a look at the charts and let us know what you think. We'd like to hear from you in the comments sections.
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