We started a new long position this week in Teck Resources (TECK) and expect it to break out very soon, states Larry Tentarelli of the Blue Chip Daily Trend Report.

TECK is a $25B market cap diversified metals and mining company, based in Canada. TECK closed at a 13-year high today and is testing a key breakout level at 50. We believe TECK is one of the best ways to get exposure to the metals and mining industry, showing renewed strength.

Spot Gold recently made new all-time highs earlier this week, at 2384.50. Silver is testing three-year highs and copper is just below two-year highs. With CPI (inflation) data coming in above forecast for the past three months, metals and mining stocks could be set to outperform. The chart for TECK is one of our favorites, in any sector right now. If the stock closes over 51.00 in the next week or two, our next upside target is near prior highs, at $60. Key support levels on any pullbacks are 46 and 43.50.

(Larry Tentarelli is the Chief Technical Strategist and Founder of Blue Chip Daily Trend Report. He currently holds a long position in Teck Resources).


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Learn more about Larry Tentarelli at the Blue Chip Daily Trend Report