Canada's Favorite Miner sits on support

While markets in general are getting thumped and our $TSX has given up 1200 points since March, a rally is to be expected for a few days. The miners have been banged up pretty bad. This chart looks stronger but still in a downtrend. So to stay within the trend, buying Teck here would be looking for a bounce and sell as it rallies up to the top of the channel. This would not be trading with the trend...which means it is usually harder to make money because you are trading against the trend.

Everything on the above mining chart looks soft as everything still tracks below its 10 week MA. 

I keep looking at the $SSEC and it is holding in there for now.  How $SSEC behaves at it approaches 2440-2480 will give us clues on the miners I would think. 

Anyway, Teck looks like a watch list item. The real question is can the $TSX just bounce back up to the top of the down trend line, or can it break the shackles and breakout on this bounce. Oil has let go, Gold has let go, but copper is still in its range...very interesting.

Good Trading,

Greg Schnell, CMT