Bought 110 TCK.B.TO @ 36.03, stopped out at breakeven

Update May 10: Looks like I missed the boat. TCK.B gapped up almost 7% at the Monday open to \$38.88. I won't be chasing the market at this point as the reward/risk ratio isn't appealing anymore. Update: I got stopped out at breakeven (after commission) before I can post this piece at the end of the day. I'm back to all cash going into the weekend. I am taking a dip in Teck Resources (TCK/B.TO) with 110 shares bought at \$36.03. This is a trade to "buy when everyone else is in fear". Following my assessment of the market yesterday, I don't think things are that bad, yet. So I am establishing a small position in a strong company today. TCK is trading on its 200 day moving average at \$35 this week (Figure 1). Yesterday's epic dive and recovery didn't break this \$35 support. So that's a very good sign for TCK.

[caption id="" align="aligncenter" width="570" caption="Tech Resources (TCK-B.TO)"][][][/caption] Furthermore, \$35 is an obvious psychological round number support. It is also above the recent low of \$32.50 printed in February of this year as shown in Figure 1. The oscillator value (top of Figure 1) is making a positive divergence as TCK is testing this support level). I entered today based on the 5-day intraday chart. This morning's opening hour test of \$35 support has lower volume than earlier this week (Figure 2). As such, I think \$35 can hold. So I entered when the price shot above minor resistance at \$36.

[caption id="" align="aligncenter" width="570" caption="TCK-B.TO intraday snapshot at time of entry"][]1[/caption] The price drifted back under \$35.50 after I entered but then reversed and tested \$37. I moved my stop loss to breakeven as it touched an equidistance price opposite of my stop. Just so I don't see profits turn into losses. If I get stopped out today, I will not re-enter until after the weekend. My target is \$40 and original stop was \$35 for about a 4 to 1 reward to risk ratio. I am risking 1.25% in this trade with a position size of 110 shares.

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