TECK dominated by bulls lifting the market higher throughout the day
Teck Resources Ltd (TECK) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, TECK finished the month 9.8% higher at 10.42 after gaining $0.47 (4.72%) today, notably outperforming the S&P 500 (1.54%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 10.12, Teck Resources confirmed its breakout through the previous session high after trading up to $0.42 above it intraday.
Daily Candlestick Chart (TECK as at Jun 30, 2020):
Tuesday's trading range has been $0.70 (7.05%), that's above the last trading month's daily average range of $0.59. Things look different on the weekly timeframe, where the market's trading range of the last week has been way below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for TECK.
Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Bearish Hikkake Pattern. The last time a Bearish Hikkake Pattern showed up on April 14th, TECK lost -9.36% on the following trading day.
After trading down to 9.84 earlier during the day, the market bounced off the key technical support level at 9.91 (S1). The failure to close below the support might increase that levels significance as support going forward.
The stock shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Buying could accelerate should prices move above the close-by swing high at 11.03 where further buy stops might get triggered.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Support S1" stand out. Its common bullish interpretation has been confirmed for Teck Resources. Out of 367 times, TECK closed higher 54.77% of the time on the next trading day after the market condition occurred.