Jlov

TECK gearing up for an explosive 2022

Long
NYSE:TECK   Teck Resources Ltd
TECK outpacing bearish market conditions as minerals are exploding in value over the last few months. Chart showing a strong double bottom set up on the weekly. Daily also showed a falling wedge onto that double bottom resistance area and has ran 10% from that bounce. Resistance off volume profile showing that 37 and 45 will be key areas to break. After that, 50s and 60s will come fast and are likely to be easier to break as not much volume by price stands there. Personally, this is my favorite set up and have been in leap calls since 31. I can see TECK touching ATH again very soon (soon = around 365 days from now). Also, I would not be discouraged if we drop 10 points after making a strong run (maybe resistance at 45 will be a bit strong), as pullbacks are healthy and as long as we hold 30 support more room to run higher will come. Saying that, remember this is not a weekly play, either hold common swings or leap contracts will benefit most from a potential massive run.

Side note: This is an opinion and should not be taken as correct or predictive of future price action. Manage risk at your own expense.

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