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Teck Resources Ltd stock has found technical support at its 60-, 80-, and 100-day moving averages following a pullback from its September 8 record high of $72.56.
Schaeffer's Senior Quantitative Analyst Rocky White identifies the 100-day trendline as a historically bullish signal for potential buying opportunities.
White notes that TECK has traded within 0.75 times the 100-day moving average's 20-day average true range after spending at least 80% of the previous two weeks and 80% of the prior 42 trading sessions above that trendline.
This specific technical setup has occurred eight other times over the last decade. In those instances, the stock was higher one month later 75% of the time, averaging a gain of 13.8%.
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