Teck Resources Performing Well

A quick follow up on Teck Resources (TECK) since my last analysis when the stock was trading at $16 per share, and as we can see from the weekly chart the stock continued higher last week with the price closing at $18.83 on a solid wide spread 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, and as 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 which 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 so given the low volume node on the VPOC now immediately ahead.

(Click on image to enlarge)

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