Wednesday, 19 June 2013

TCK - critical support....gone

With the main market unravelling in late afternoon, Teck Resources (TCK) was particularly hit, falling a very significant 4.9% @ $22.42. Near term trend looks dire..and there is simply no 'technical support' until the 2008 collapse low of $2.46, which is around 90% lower.

TCK, daily


TCK was weak even when the market was moderately higher this morning. It was no surprise to see the stock down over 4 percent by the close.

With critical support now broken, from a purely technical perspective, the stock is broken, and is headed deeply lower.

Of course, there will be very significant support at the psy' levels of 20, 15, and 10.

It remains a rather scary thought to wonder if this stock will actually be trading in the $2s within the next year or two.