I wanted to highlight one of my shorts in particular on this quiet morning: Teck Resources (symbol TECK). As you can see, the long-term chart illustrates two prior massive tops, both of which were followed by a hearty plunge. The most recent reversal, which is not tinted, has good prospects as well for falling more, even though it has already lost quite a bit of value from its peak.
(Click on image to enlarge)
A closer look at the recent action shows the well-formed symmetric price triangle as well as the recent price gap. I’ve tightened up my stop to 17.35 on this one, with an eye toward much lower prices.
(Click on image to enlarge)
Comments
Log in or sign up to join the conversation.