On Monday, Teck Resources (TECK) rejected mining giant Glencore's (GLCNF) takeover proposal and shares surged sharply higher as analysts expect that a higher bid may be coming. TECK is a world leader in the production of lead and a significant producer of specialty metals such as germanium, indium and cadmium.
Let's check out the condition of the charts and indicators.
In this daily bar chart of TECK, below, I can see a large upside price gap. Prices surged above the 50-day moving average line. The trading volume surged.
The On-Balance-Volume (OBV) line was moving up before Monday's gap. The Moving Average Convergence Divergence (MACD) oscillator has crossed to the upside for a cover shorts buy signal and an outright buy signal could come soon.