Wednesday 3 July 2013

TCK - weak, weak...WEAK

Despite the main indexes holding together, Teck Resources (TCK) declined a little more, closing -0.9% @ $20.36. Near term trend remains dire, and there really is no support, aside from the usual psy' levels of 20, 15, 10.


TCK, daily


Summary

TCK is actually one of the better miners out there, but from a simple chart perspective, its a busted company.

With the failure to hold the $24s last month, there is simply no real price support.

We're seeing rather consistant continued downside. There is a clear 6 day bear flag, and that broke just a few days ago.
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Will be interesting to watch this one, and see if it does indeed fall all the way down to the 2008 low of $2.46, that is around 85% lower.