We started a new long position this week in Teck Resources (TECK) and expect it to break out very soon, states Larry Tentarelli of the Blue Chip Daily Trend Report.
TECK is a $25B market cap diversified metals and mining company, based in Canada. TECK closed at a 13-year high today and is testing a key breakout level at 50. We believe TECK is one of the best ways to get exposure to the metals and mining industry, showing renewed strength.
Spot Gold recently made new all-time highs earlier this week, at 2384.50. Silver is testing three-year highs and copper is just below two-year highs. With CPI (inflation) data coming in above forecast for the past three months, metals and mining stocks could be set to outperform. The chart for TECK is one of our favorites, in any sector right now. If the stock closes over 51.00 in the next week or two, our next upside target is near prior highs, at $60. Key support levels on any pullbacks are 46 and 43.50.
(Larry Tentarelli is the Chief Technical Strategist and Founder of Blue Chip Daily Trend Report. He currently holds a long position in Teck Resources).
DISCLAIMER: The information provided in any correspondence, emails, publications, websites, or social media feeds and accompanying material is for informational purposes only. It should not be considered legal or financial advice. The data and information provided are for informational purposes only. The information provided has been obtained from sources deemed reliable but is not guaranteed as to accuracy or completeness. Neither Blue Chip Daily Trend Report, LLC, Larry Tentarelli, nor any of its data or content providers shall be liable for any errors or omissions or any actions taken in reliance thereon. You should consult with a professional Advisor to determine what may be best for your individual needs. Blue Chip Daily Trend Report, LLC, and all affiliates does not make any guarantee or other promise as to any results obtained from using the content. No one should make any investment decision without first consulting his or her financial advisor and conducting his or her own research and due diligence. To the maximum extent permitted by law, ”Company” disclaims any liability in the event any information, commentary, analysis, opinions, advice, and/or recommendations prove to be inaccurate, incomplete, or unreliable, or result in any investment or other losses. Full disclaimer: Disclaimer – Blue Chip Daily Trend Report.
Learn more about Larry Tentarelli at the Blue Chip Daily Trend Report
