Impressive Pattern For Teck (TCK)

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By Mike Paulenoff | Published 07/14/2011 | Stocks | Unrated

Impressive Pattern For Teck (TCK)

Within an otherwise increasingly nervous and uncertain trading environment, Teck Resources (TCK) exhibits a very constructive and potentially powerful pattern.

All of the action off its July 5 high at 53.60 represents a high-level consolidation/continuation pattern that when complete should resolve in an upside thrust that projects to 55.00-56.00.

At this juncture, only a sustained break of 50.00 will morph the July pattern into a deeper corrective move.

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com.

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